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Mackay Property Market Month in Review – Apr18

By Tammy Laval

Herron Todd White – May18 Review for April18 has been released, and we have a quick look at what it has to say about Mackay.

The HTW National Property Clock – marked Mackay Residential with Start of Recovery.

We like this notation better than the REA report noting it as 1 of 4 Regional Towns to go boom!  Mackay suffered a hard 4year lesson, during the recent downturn, with many locals supporting an incremental improvement to recovery, & one more realistic to the regions return.

Residential Report – Page 56 – Confirms recent trends for high-end market for properties priced between $800-$1M+ on the move since late 2017.  Confirming the highest sale for 2018 by our Office for $1.3M, as well as newly constructed market for similar executive style houses entering market.

The HTW National Property Clock – marked Mackay Commercial – Approaching Bottom of Market.  We would more likely feel that Mackay has been at the Bottom of the Market for some time now. Given many Landlords have dropped in both prices, & provided offers to gather tenancies, with a small percentage sitting the market out.

Commercial Report – Page 22 – Many tenancies have taken the opportunity to relocate during this period, & maximise on the reductions to justify moves.  Our leasing rates have been steady over the last six months, but more noticeable & on the move in mid-2017.

One of our sales has also been noted in the report, out of our three for the last 6mth period, with 62 Victoria St, highlighting yields just under 9%.  “Local office yields have risen in recent years due to the oversupply of office space limiting prospects of rental and capital growth” noted.

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