“The Mackay residential market has continued to strengthen over the past 12 months,” as outlined in the latest Herron Todd White report.
“With increased sales volumes, reduced time on market and general optimism that the worst is behind us.”
But with the positive outlook on the residential front comes some challenging times for renters as supply struggles to keep up with demand.
Rental vacancy rates have been dipping below 2% which Herron Todd White believes will draw investors back to the region.
“With rental vacancies being tight, we are starting to see an increase in rental values across the board.”
“It is considered that the once elusive investor will start to re-enter the Mackay market, with not only solid rental returns on increasing rents available, but the possibility of capital growth [is] now a real attraction.”
A variety of factors have contributed to the growing confidence in the Mackay market according to Herron Todd White.
One of the strongest influences for the boost comes from an improved resource sector.
This has enhanced employment opportunities which have been bolstered by larger infrastructure projects and an improved construction industry the report read.
Sourced: Herron Todd White Report