Now that some parts of regional Queensland are shaking off the post-mining boom hangover, they are on the verge of real estate restoration.
These include the cities of Clermont, Rockhampton, Gladstone, Emerald and Mackay. Presently at their market cycles recovery phase, these cities are showing strong signs of revival.
Regional Queensland’s real estate market is active once more, and the only way it is going seems to be up.
Increasing Property Prices
Mining towns of regional Queensland have had a 40% property price average increase over the past year. This dramatic improvement was driven by the rising coal prices in these areas, as well as the many asset-building engineering and construction work.
In Clermont, the average house price is now standing at $270,000 — a 42 percent increase from 2017. On the other hand, homeowners of Emerald are in a great position to finally pay off their mortgages and create some equity out of their properties.
According to Herron Todd White’s latest national property report, those who bought houses in Emerald from up to two years ago will benefit from the growing real estate market.
The report also mentioned the City of Gladstone. “For so many years, renovating your property in Gladstone was a pointless exercise as any money spent would be lost as the market continued to decline,” it noted. But now that the market is going up, more renovations are underway, especially on properties that were acquired within the last 18 months.
Meanwhile, Rockhampton has a reason to be as hopeful as the rest of the regional Queensland. Although it’s at the bottom of the list, with a median house price of just $180,000, the 37 percent increase in average property prices from last year is very promising.
Real Estate Growth in Mackay
At this point in time, the city of Mackay has the most improved market in regional Queensland and one of the state’s fast-growing cities. It has recently experienced employment growth and currently has the lowest unemployment rate in Queensland at 3.3%. Because of this, more people are coming back to the region, increasing the demand for residential properties.
Right now, the potential of Mackay’s property market is high. House prices have increased by up to 15 percent in the last nine months, ranging between $200,000 and $350,000. The median house price is at $330,000.
And it’s not just the house prices that are rising, but the number of properties sold as well. People have gained confidence in Mackay due to the booming tourism, mining and sugar industries.
In addition to this, comparing property prices to other coastal regions in Queensland such as the Gold and Sunshine Coasts, Mackay houses are very desirable indeed. In fact, Penny Wood Lane (Mackay Real Estate agent) Director Paul Bryan said, “This is the first spring where we’ve seen a lot more confidence … since 2012. Prices are still quite low, there’s some really affordable property in Mackay, especially in the unit sector.”
According to Explore Property Director Ben Chick, “I think there are a lot more positives now than even in the boom for longevity in the property market. People are making appointments to look at houses who had left the area and people from down south are starting to look up here from a work perspective”.
New Properties at The Waters Ooralea
Indeed, the only way is up for regional Queensland real estate. Many signs indicate that properties are preparing to surge in value, especially in Mackay.
It could be a wise decision to invest now while house prices are still affordable.