QLD has seen average median house prices change by 1.66% which means that Mackay, 4740 has done well for property investors by showing a capital gain of 0.00% over the last year
Over the longer term, Mackay has seen property prices show investors a 14.00% return over the last 3 years. This is worse than over the last 12 months
In the last year 21 properties changed hands in Mackay, which puts it as the 688th most active market in QLD when comparing the number of sales per suburb.
With the median price for a house in Mackay being $285000 and the advertised rent reaching $350 the gross rental yield for property investors calculates out to be 6.39%
Investment property in Mackay has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -15.09%
While Mackay,4740 ranked number 294th in QLD for increase in median house value (annualised) increase, it is ranked 316th over the last 5 years.
Sellers are offering property buyers an average discount of -9.61% to buyers in Mackay at the moment, which is less than average for the rest of QLD.
Mackay, 4740’s gross rental yield is 6.93%
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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.”