The Mackay region is one of Queensland’s fastest-growing real estate markets and last year, it emerged as the strongest performing regional detached house market in all of Australia.
According to the latest data collected by CoreLogic over the past twelve months leading to October 2019, the Mackay-Isaac-Whitsunday region was the top performer among the 25 largest residential real-estate markets of Australia. The detached house prices in the region grew by 5.9 percent.
In comparison, Launceston and North-East region of Tasmania, which ranked second, increased only a 3.8 percent in detached house prices. The Riverina region in NSW and South-East region of South Australia were tied for the third spot with 2.8 percent growth.
Aside from these four markets, only four other regional areas had an increase in detached house prices.
Growth of Mackay Real Estate Market
The property prices in Mackay are experiencing growth because of several reasons. One is the booming economy of the region. Mackay’s economic growth is the best among other regions in Queensland and Northern Australia. There’s a massive increase in employment brought by the turn-around in mining activity, particularly at the Bowen Basin, Australia’s largest coal deposits. Coal mining is the region’s biggest employer.
Mackay’s sugar, engineering resource, and agribusiness sectors are also growing, while the construction and tourism industries are gradually making significant contributions.
Second is the series of developments completed, or still under construction, throughout the entire region. Last March, the $23.7 million Mackay Aquatic Recreation Complex opened to the public, offering world-class sporting and creation venues to Mackay Residents. This state-of-the-art facility is only the first phase of the $72 Mackay Regional Sports Precinct currently under development.
Another important development project is the Mackay Waterfront Priority Development Area, which was declared by the council in May 2018 and aims to create an amazing waterfront destination for local and international tourists.
The third reason for the increase in Mackay property prices is the sustainable infrastructure projects, which include the $2.9 million Edmund Casey Drive extension that will provide secondary access to Mackay Harbour. The project started last October and expected to be completed early this year. There’s also the $497 million Mackay Ring Road project that aims to provide an alternative road for freight and improve traffic to and from Mackay.
Aside from the road projects, water and sewerage system projects are in place to accommodate the growing population in Mackay. There are also ongoing developments to expand Ooralea, the Northern Beaches, and Paget Industrial Zone.
The excellent performance of Mackay’s detached house market is just the beginning. The region’s entire real estate industry is set to boom in the coming years and house prices are expected to increase even more. That’s why now more than ever is the best time to invest in Mackay properties.
House and Land Packages at The Waters Ooralea
You can start your search at The Waters Ooralea, a master-planned residential community just a few minutes away from Mackay CBD. We currently have an array of affordable house and land packages available for sale that will fit different families and investors. All our packages are turn key, meaning they are all-inclusive with a fixed price – no hidden costs! We also have lots selling right now in a prime location and close to the parkland, creek bank, and Melaleuca forest.
The Waters Ooralea has 1.5 kilometres of water frontage, 80 acres of parkland, an outdoor gym, a children’s park playground, and 10 schools nearby. We also have an in-house finance service that can help you buy your next home easily and more conveniently. Our team of professional lending brokers will assist you every step of the way.
Contact The Waters Ooralea today and get a FREE Financial Health Check to find out the best financial option for your next home purchase.