Property investors who have had real estate in Mackay, 4740 should be relatively unhappy with this QLD suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -1.92%
The five-year average increase in median property values for Mackay,4740 has given property investors a potential capital gain of -35.44% across each of those five years.
Sellers are offering property buyers an average discount of -11.63% to buyers in Mackay at the moment, which is less than average for the rest of QLD.
On average over the past year, suburb has had 1.83 sales per month, which equates to 22 per year.
A $250 per week rent on the median house gives suburb investors a gross yield of circa 5.10%, without taking into account capital value appreciation, which has been averaging out at -1.95%.
With a capital gain of -3.42% for the last 12 months, Mackay, 4740 has performed for property investments than its average annual 1.86% property growth over the last 5 years.
Mackay,4740 was ranked 1582 in Australia by increase in median property value over the quarter.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Mackay, 4740. Typically our figures indicate that -12.09% is being offered, which puts this QLD suburb at 29th most discounted overall in Australia.
The QLD suburb of Mackay, 4740 is in the Mackay local government area.
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.”