It is so refreshing to open a newsletter with positive news amid a world gone mad and with many of us needing some reassurance. In March when ScoMo appeared on our TV screens and basically shut Australia down I can honestly say I would never have envisioned this in my lifetime. Like so many, I thought this would come and go and in 6-8 weeks’ time, we wouldn’t hear of it again. Boy was that wishful thinking! We packed up the staff, sent them home and Zoom meetings became a regular thing. We had to adjust, and we had to do it fast. As a business owner, it was certainly a daunting time and 2 am bedtimes become the norm with new legislation for night-time reading. Fast forward 6 months and I am pleased to say that life is somewhat back to normal in this little regional town. The announcement of Covid-19 may have sent people into a tailspin but it simply paused our market for around 6 weeks with the rental market not experiencing much effect at all. Once it was established that Mackay looked to be coming through this relatively unscathed the market was back and with a vengeance. Thanks to the large support of the mining industry we have so far weathered the storm well. Vacancy rates are at a six-year low sitting around 1.3%, sales days on market are lower and buyer activity is high with competition significantly increased. The traffic to Saturday open homes is good and multiple offers on property not uncommon.
The latest report from valuers Herron Todd White places the Mackay residential housing marketing into a rising market on their “property clock”. Michael Denlay Managing Director says “All in all, the market in Mackay is well-positioned to continue this positive momentum to the end of the year. The historic low-interest rates, good employment across the Mackay region, a shortage of available stock, and general optimism that the Mackay economy will continue to power through the pandemic are all positive features, however, there are a few small red flags to keep an eye on. Firstly, the pandemic is not over, and should it make its way to Mackay or into the Bowen Basin mines, resulting in quarantines and possible shutdowns, it could have a significant short-term effect. Also, the price of metallurgical coal is low and with a rising Australian dollar, this may put pressure on big miners to cut some costs.” Herron Todd White – August Report
In conclusion, we are enjoying the positive market, the Mackay weather is really turning it on, and all of our staff are doing well.
Until next time, which will bring us just shy of Christmas, I wish you all good health, stay safe and if there is anything we can assist with your real estate needs, we are just a call away.