At number 3567th in the list of Australian suburbs ordered by increase in median house value over the last year, Mackay, 4740 is in the BOTTOM 20% with a property value increase of -5.66% recorded in median house prices.
The five-year average increase in median property values for Mackay,4740 has given property investors a potential capital gain of -35.06% across each of those five years.
The most recent median price for Mackay is $250000, with sellers offering an average of -14.29% off the asking price.
With the median price for a house in Mackay being $250000 and the advertised rent reaching $250 the gross rental yield for property investors calculates out to be 5.20%
Mackay has had a very poor year for property investment returns compared to the rest of QLD, giving investors a capital gain of -6.45% to date .
Taking the average capital gain, or increase in median house value, Mackay,4740 has racked up an average of -6.45% over the period. This ranks it number 1700th in the whole country for real estate investors looking at median house price increases.
State is the 4th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.14% offered to property buyers. Sellers in Mackay itself are offering an average vendor discount of -12.98% to real estate investors.
Mackay has been one of the casualties of the downturn in the resources sector,but there are signs that the worst might be over.Full summary
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Mackay has been one of the casualties of the downturn in the resources sector,but there are signs that the worst might be over.Close
According to the latest data from CoreLogic RP Data, the median house price climbed 8% to $395,000 during the past 12 months ending April.
The REIQ Quarterly Queensland Market Monitor report also showed a recovery in Mackay’s property market with properties on market receiving multiple offers.
Rental properties are also getting multiple applications according to Peter McFarlane, REIQ zone chairman for the Mackay district.
“There is increased confidence in the region due to local employment in the Bowen Basin mining sector becoming more secure as operations move from construction phase to production,” McFarlane said.
“Mackay is a different region because it has such diversified markets within the tourism, agriculture and mining industries, being the service hub for all three sectors.”