The mining port has been one of Queensland's most resilient markets in the wake of the GFC - and tiny vacancy rates are driving yields and growth again.
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Mackay’s housing market has fared better than Queensland’s as a whole in the wake of the GFC, says PRDnationwide analyst Josh Brown.
The number of sales being made in the dropped off by 16.5% during the second half of last year for example, but this is far less than the corresponding drop in Brisbane of 28% for example.
“Throughout the economic turmoil experienced within the global economy from 2008, Mackay has remained buoyant with a gradual softening in sales volumes,” says Brown.
“This signifies a more resilient market than what has typically been experienced across Queensland, with sharp decreases in sales activity and falling median prices recorded.”
REIQ Mackay zone chair Stacey Arlott pegs properties in the $500,000-plus range as those that have seen the most action in recent times, thanks to an influx of workers who have been coming to town following the opening of new mines in the area.
“There were a lot of sales to people shifting here for employment in the mines, and the majority of these new residents were looking for homes in the middle to upper end of the market,” she says, adding that buyers in this category have been looking for larger, well-located properties to call home.
And with the city’s vacancy rate sitting at 0.9% according to SQM Research, investors too have been entering the market.
“Investors are also again taking an interest in Mackay given we currently have low vacancy rates and solid rent returns,” says Arlott.
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