With a capital gain of -0.18% for the last 12 months, Mackay, 4740 has performed for property investments than its average annual -2.29% property growth over the last 5 years.
Mackay,4740 was ranked 3267 in Australia by increase in median property value over the quarter.
Property investors looking for a bargain in Mackay should be aiming for at least -11.07% off the asking price, which is the average vendor discount being achieved at the moment.
Mackay is 109th on a list of best yielding suburbs for rents in QLD with a 6.00% return
At number 238th in the list of Australian suburbs ordered by increase in median house value over the last year, Mackay, 4740 is in the top 20% with a property value increase of 8.16% recorded in median house prices.
The five-year average increase in median property values for Mackay,4740 has given property investors a potential capital gain of -37.28% across each of those five years.
LACK OF BUYER INTEREST may well be the reason that Mackay is offering property investors an average of -6.32. This rate of discount on properties puts Suburb at number 4th in terms of most discounted suburbs in QLD
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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.”