Mackay property market is still growing.
Mackay has been one of Queensland’s most quiet achievers in the last 24 months. Mackay’s big brothers Cairns and Townsville have stolen the spotlight as they’ve been the preferred locations for interstate and intrastate migration as well as property investors.
Image: Mackay, Queensland
So, what exactly has the Mackay property market done over the last 24 months. The Capricorn Life Buyers Agency team have trolled through the data and unveiled that the median house price has grown by approximately 16% from $401,000 to now currently sitting at $467,000.
Mackay does not appear to be slowing down also with the median price still growing 1.2% over the last 3 months despite consecutive interest rate rises.
The surge in median house price can be attributed to the demand but mainly by the extremely low levels of supply with listing volumes not enough to sustain current levels of demand as the overall inventory pool has contracted below 1% also.
Days on market is currently sitting at a healthy consumption level of 54 days which suggests that properties in Mackay are taking roughly 14 days to sell. The market is competitive but its not a complete freezy so buyers can still navigate graciously.
The rental market has vacancy rates sitting around 1% and median rent at $437 per week and its grown 9% over the last 12 months.
With the sheer lack of supply, affordable house prices and a bustling mining sector we anticipate this median house price to continue growing in the short and medium term. This is also likely to attract large metro based Buyers Agencies and DIY investors into the region further causing house price pressure.
Buyers Agent Mackay | Mackay Buyers Agent
Troyson Bassani
Owner & Head of Research
Capricorn Life Buyers Agency