In this interview with the Daily Mercury Director Chris Laval and Property Consultant Stacey Arlott, discuss data on the Mackay Market during what can be considered a declining marketplace.
According to information from RP Data and Price Finder, the medium house costs in Mackay have stayed steady, with some suburbs even seeing an increase in 2013.
But the volume of properties being sold is at an all-time low.
It’s a buyers’ market, but it seems the buyers aren’t keen on buying.
Ms Arlott believed investors are holding off, waiting to see if there will be a further fall in prices.
However, a quick glimpse through data of Mackay’s real estate cycles indicates things will only pick up from here.
“If you look at Mount Pleasant, there was a fall of 7.1% in prices for 2013, which was surprising for this area,” she said.
“But there were only 57 properties sold,” she said.
The only time there has been a lower volume of sold transactions in Mount Pleasant was in 1996.
Ray White Mackay City Director Chris Laval said there was a rule of thumb that real estate cycles came around every seven years.
Despite the resource sector slow down, he said Mackay’s market had stayed steady compared to other regions.
“The reality is the Mackay market is not going to get any worse, it’s fared fairly well,” he said.
“History shows the market in Mackay stays strong. This data has not failed us.”
Mr Laval said South Mackay was a great suburb to invest in, based on the current sale comparisons with other suburbs and the historic trends of those suburbs.
The article topic is not focused on ‘if’ or ‘will’ prices continue to fall, but for buyers actively seeking properties in the current market to maximize on the market downturn. Believe it or not, people are still buying and selling, you only need to see the sold section on realestate.com to know sales are still taking place.
The article created a stir with a number of vocal online readers, who love to read something into a story and change the spin. However, the topic as the headline suggested, was asking those in the market currently house hunting to consider making the move whilst the market was declining to new lows – basic purchasing advice really.