Property value increases in Mackay have tracked just higher than the QLD average of 2.00% over the last 12 months.
Over the longer term, Mackay has seen property prices show investors a 7.55% return over the last 3 years. This is worse than over the last 12 months
The most recent median price for Mackay is $285000, with sellers offering an average of -8.19% off the asking price.
A $305 per week rent on the median house gives suburb investors a gross yield of circa 5.56%, without taking into account capital value appreciation, which has been averaging out at -1.57%.
QLD has seen average median house prices change by -0.18% which means that Mackay, 4740 has done well for property investors by showing a capital gain of -21.14% over the last year
Across a shorter period, Mackay, 4740 has seen a median price increase of 7.56% over the last quarter.
State is the 5th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.89% offered to property buyers. Sellers in Mackay itself are offering an average vendor discount of -11.02% to real estate investors.
In the last year 38 properties changed hands in Mackay, which puts it as the 151th most active market in QLD when comparing the number of sales per 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.”