Fortitude Valley is so named for the SS Fortitude which brought Scottish migrants to Brisbane under the enticement of Reverend John D. Lang.
This beautiful spot which was once dotted with lagoons and watering holes was given an appropriately beautiful name by Aborigines in Binkin-ba, which translates roughly to "Place of the Land Tortoise".
Upon European settlement the area the south of the peninsula was adopted for farming by Patrick Logan in 1827.
Since the land was now farmed - and the farm was by definition not old - the suburb was given the name New Farm.
Probably would lean towards the former name meself, but it remains a great spot today, with New Farm the most popular location for homebuyers and house prices recording the strongest capital growth of any Brisbane suburb over the past 15 months.