At number 2659th in the list of Australian suburbs ordered by increase in median house value over the last year, Mackay, 4740 is in the BOTTOM 40% with a property value increase of -5.26% recorded in median house prices.
Mackay,4740 was ranked 3156 in Australia by increase in median property value over the quarter.
LACK OF BUYER INTEREST may well be the reason that Mackay is offering property investors an average of -7.01. This rate of discount on properties puts Suburb at number 47th in terms of most discounted suburbs in QLD
Advertised rents are around the $337 mark per week – giving a return of 6.49% based on the median price in Suburb
Over the last year, property investments in Mackay, 4740 have given investors a capital gain of 6.63%. This compares very favourably with the -0.57% for QLD as a whole.
A -20.24% growth in median value for property investors in Mackay,4740 puts this suburb at number 235th in terms of best performing suburbs in QLD
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 -8.79% is being offered, which puts this QLD suburb at 149th most discounted overall in Australia.
A $260 per week rent on the median house gives suburb investors a gross yield of circa 5.25%, without taking into account capital value appreciation, which has been averaging out at 0.62%.
Information supplied by:
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.”