At number 1414th in the list of Australian suburbs ordered by increase in median house value over the last year, Mackay, 4740 is in the top 40% with a property value increase of 9.64% recorded in median house prices.
If we look at median property appreciation over just the last three months, Mackay has given property investors a paper return of 7.72%. This puts Suburb as 65 on a list of fastest fasting appreciating suburbs in QLD
Our latest figures would indicate that property sellers in Mackay are currently offering property investors an average price cut of -7.04% below the asking price at the moment.
Situated 803.43km from the CBD, Mackay is one of Mackay (R) localities in the postcode 4740.
Investment property in Mackay has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 18.18%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Mackay has fallen somewhat when compared to the 5 year average annual rate.
Vendor discounting in Mackay is giving property investors an average Vendor Discount of around -6.62%. This puts suburb at number 29th in QLD when ranking the most discounted suburbs.
Property investors should expect to get $300 weekly from the median priced house in this suburb.
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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.
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.”