Mackay has had a quite poor year for property investment returns compared to the rest of QLD, giving investors a capital gain of -1.75% to date .
When looking at the potential capital gains offered to property investors over the last 3 years, Mackay comes in at number 218th in QLD.
At number 881 in a list of fastest selling suburbs, Mackay is in the TOP 30% of suburbs in Australia with an average of days on market 62.9286 for properties listed there.
With the median price for a house in Mackay being $280000 and the advertised rent reaching $350 the gross rental yield for property investors calculates out to be 6.50%
Mackay is an average performer in QLD when comparing median price capital growth over the last year. Mackay gave property investors a average capital gain figure when compared to the rest of the state, with -2.52%.
A -27.41% growth in median value for property investors in Mackay,4740 puts this suburb at number 309th in terms of best performing suburbs in QLD
Property buyers and investors in Mackay 4740 should be seeing an average reduction in asking price of around -9.94% . This means that Mackay is holding prices well when compared to other suburbs in QLD.
On average over the past year, suburb has had 3.58 sales per month, which equates to 43 per year.
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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.”