November 4th, 2019
The Real Estate Institute of Queensland (REIQ) has been the state’s peak professional association for the real estate profession since 1918. Every year they review the market across the whole state. This market monitor has just been released. Here are some of the important findings for Mackay:
• Mackay finished the year in front by 3.9 per cent to post an annual price of $343,000
• The unit market remains a small proportion of sales activity in the region, however, with a quarterly median price of just $225,000 it remains an affordable option for first home buyers and investors
• The rental sector is also on the improve with median rents increasing between $35 and $40 per week over the year depending on the dwelling type
• The Mackay rental market continues to improve, with the residential vacancy rate remaining in tight territory on 1.7 per cent
Overall, December quarter data reveals that the Mackay house market is classified as steady to rising. The sector has expected more than its fair share of downward price pressure over recent years, so its market strengthening - albeit early days - is a welcome change. There hasn’t been a better time over the past couple of years to buy or sell a property, so let’s make the most of these improved conditions today!