If you are looking for hot property markets right now for personal or business purposes, then regional Queensland is an excellent destination.
There is a steady increase in the value of property in the area, particularly the towns of Gladstone, Fraser Coast, Bundaberg, Rockhampton, Gympie and Mackay.
These regional Queensland cities have had depressed markets over the last few years which can be associated with high vacancy rates in these areas, which lasted for a long time. The vacancy rate, according to Investopedia, is the percentage of vacant or unoccupied rental and residential units in a given area at a given time. The rental properties include hotels and apartments. High vacancies mean that the economy of the town or city is flat, and is the leading reason why the demand for properties that are either for sale or rent is low.
Though this scenario is a thing of the past for these towns. Experts are seeing a resurgence of regional Queensland property markets and the best indication is falling vacancy rates. Another reason is the booming economies of these towns which resulted in more than 30 percent growth in property demand during the past year.
Growth Opportunity in Mackay
Among the towns and cities in Regional Queensland, Mackay currently has the highest potential for property market growth. In fact, Mackay has one of the most solid markets in Central Queensland. The property outlook from realestate.com.au also revealed that Mackay is one of the most in-demand localities for housing in all of Queensland.
There are a number of reasons for the growth of property in Mackay. One of which is the booming economy. The unemployment rate in Mackay is at 3.3% compared to the State average of 6.0%. This is due to the increasing job opportunities in the city due to the growing industries of tourism, sugar, and mining.
House prices are also significantly lower in Mackay compared to other cities in Queensland. As a result, it is significantly easier to save for a house deposit in the city. First-time buyers can save for the 20% down payment in just 2.5 years, which is very impressive compared to the Queensland average of 4.6 years. That’s why more young families are inclined to choose Mackay as their home of choice.
Aside from all of these, the property market in Mackay is resurging because of the sustainable infrastructures being built in the city. The investment on new roads, waterways, and sewage systems will increase the value of properties. Investors are looking for Mackay properties to purchase because they can get profit potential in the future.
Mackay Properties at The Waters Ooralea
Whether you are a property investor, a first-time home buyer, or someone looking for a fresh start, you have to take advantage of the resurgence of regional Queensland property markets.
In particular, you need to search for properties in Mackay. It’s the best place for growth in Queensland and the home of The Waters Ooralea; a fully integrated residential community that is nine kilometres away from the Mackay CBD.