Property value increases in Mackay have tracked just lower than the QLD average of 2.45% over the last 12 months.
Vendor discounting in Mackay is giving property investors an average Vendor Discount of around -9.68%. This puts suburb at number 111th in QLD when ranking the most discounted suburbs.
Residents and property investors in Mackay have been waiting around 85.4 days to sell a property.
If you compare the increase in value of investment property in Mackay, 4740 to the rest of Australia, it performed poorly. The median increase in value, or capital gain property investors experienced for this QLD suburb was -5.08%.
Taking the average capital gain, or increase in median house value, Mackay,4740 has racked up an average of -5.08% over the period. This ranks it number 1613th in the whole country for real estate investors looking at median house price increases.
Property investors looking for a bargain in Mackay should be aiming for at least -12.45% off the asking price, which is the average vendor discount being achieved at the moment.
Situated 801.58km from the CBD, Mackay is one of Mackay localities in the postcode 4740.
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.”