A couple of years on and Mackay’s property market can at least ease the belt buckle!
Property Research company Propertyology, has tagged Mackay as one out of six regional markets that can expect growth in its housing market. This growth is usually associated with price increases in city and regional locations, which in turns promotes banks to offering more reasonable lending standards.
To date, however, we have not heard of the banks relaxing on our ‘4740’ postcode restriction. So our market is still experiencing a fixed, and steady growth, unlike some of the other regional areas experiencing double-digit price growths.
Whilst Propertyology head of research Simon Pressley said: “growth opportunities were best in regional locations”. He was more specific pegging Western Austalia and Queensland to produce the best markets. And citing “Cairns and the Sunshine Coast as having the best fundamentals in Queensland for 2019”, “but expect big improvements over the next few years from Mackay, Rockhampton, Townsville, and Toowoomba.”
Job growth, tight housing supply, and falling rental vacancy rates are currently what is pushing the property market forward for the Mackay Region. Add a cautious growth in market confidence, and stabilizing resource sector, equally adding to steady property growth in the Mackay area.
“At the end of the day, coal is the world’s biggest source of energy. With the things happening in the region it is simply an economic story.” “Mackay’s improvement have been better than any other city in Queensland,” said Mr Pressley. Stating: “While the economy will continue in its positive trajectory, the growth will simply not equate to a boom in the next 12 months”. Not discounting into the future.