Property investors, listen up. A new opportunity is on the horizon as some parts of regional Queensland are set to grow on the real estate front. Prices of property are about to rise, particularly, in the Mackay Region.
According to real estate experts, Knight Frank, now is the right time to invest in new developments in Mackay. Both commercial and residential sectors can take advantage of these opportunities which have come about by rising demand in both areas.
Strong Economic Performance
Knight Frank Mackay and Townsville Offices Head, Craig Stack, said that Mackay is currently experiencing strong economic performance. In an interview with Williams Media, Mr Stack mentioned that the region has recovered from the mining downturn. The economy of Mackay is thriving and performance is better than any other location in regional Queensland or northern Australia.
“The region is experiencing very strong employment growth, driven primarily by the mining services sector”, Stack said. In numbers, this growth is evident with an increase of 12,000 people employed from 2015 to 2018. The average income per household also remains high.
Aside from mining, Mackay’s sugar, agribusiness, and engineering resource sectors are also flourishing. Meanwhile, the construction, logistics, and tourism industries are slowly growing and making significant contributions to the regions’ economy.
The impressive economic performance in the city is also evident by the steady increase in residential occupancies and rental growth. In fact, Mackay’s vacancy rate is only 0.9 percent, according to the September 2018 Real Estate Institute of Queensland (REIQ) report.
In the last two years, residential rent prices for all housing forms also grew by more than 10 percent per the Residential Tenancies Authority (RTA) quarterly data. This is a good indication of strong performance in Mackay’s residential property markets.
Growth in House Prices
If the strong economic performance isn’t enough proof that Mackay’s property sector is set to boom, then let’s look at the growing house prices. Going back to the 2018 REIQ report, there is an indication that Mackay’s growth in median house prices from the previous year was at 5.6 percent. REIQ is confident that this growth will continue over the next few years.
For property investors and developers, this is the perfect time to find an investment property in Mackay due to more affordable median house prices compared to larger Australian cities.
“Developers are increasingly turning away from Sydney and Melbourne and looking elsewhere to invest, particularly in regional areas, and Mackay is attracting a lot of attention,” Craig Stack said.
Given the continuing growth in median house prices, investors and property developers who make serious investments in Mackay real estate today could potentially see some huge profits in a few years.
Property Investments at The Waters Ooralea
The real estate industry in Mackay is indeed set to boom and if you are looking for a new home or an investment property, now is the time to make your move.
Mackay has a growing number of residential communities that are ideal for families, investors and businesses and The Waters Ooralea is a great place to find house and land packages to suit your needs.
The Waters Ooralea is a fully integrated and master-planned residential community that is less than 9 kilometres from the Mackay CBD.
Take advantage of the approaching real estate boom in Mackay and call us today to learn more about available land for sale at The Waters Ooralea.