Whether you’re an owner occupier or a property investor looking to boost your portfolio, you’ll be looking to maximise your returns in a stable and growing property market. Here are five reasons why Mackay in Queensland’s north has been attracting attention from property experts and savvy investors.
- Mackay has a diverse economic environment.
Mackay is not a boom-or-bust mining town – it has a myriad of employment opportunities and industries to maintain a stable property market. There’s the retail sector, the hospital, CQUniversity and the tourism trade with the Whitsundays close by, as well as the area’s renowned sugar cane and mining activity. In 2019 Qantas announced Mackay as the second site of its future pilot training academy. Locals have plenty of choice when it comes to their careers and employment, and that’s great news for anyone buying property.
- There’s a serious amount of investment in the area.
Infrastructure investment tends to lead to new jobs and economic growth. Mackay has an incredible $30 billion of major infrastructure projects underway, including the $497.8 million Mackay Ring Road, the Whitsunday Airport upgrade, the Mackay Regional Sports Precinct, the port upgrade and progress with several huge mining projects in the area. From police stations and fire services through to sports and recreation, there’s a lot of investment confidence in Mackay.
- Property growth rates are looking healthy.
Mackay offers the advantage of relatively affordable property prices together with a competitive property growth rate. In fact – as a recent Propertology article pointed out, while Mackay is Australia’s 18th largest city its median house price is only the 78th most expensive. The annual growth rate of the Mackay property market over the past 29 years is 5.6%, which sits just behind that of the state’s capital Brisbane at 5.8%.
- Rental demand is high.
Forget trying to rent outa property in oversupplied Sydney – in Mackay, things are looking promising for landlords. Residential vacancy rates were a low 1.7% as of September 2019, meaning you’ll have a good chance of strong demand from potential tenants if you’re renting out your property. What’s more, Mackay has a median rent of $350 per week and a 6.5% median gross yield at the time of writing, offering plenty of incentive for property investors.
- Mackay has a lot to offer when it comes to lifestyle.
Great weather, beautiful beaches, many flights to most destinations and an active community – what more could you want? Whether you’re looking into the area as a potential landlord or to live, you can be sure that this area offers the essentials of a life well lived, which is likely to support both rental demand and growth within Mackay’s property market as time goes on.
With tight supply, affordable property prices and a robust local economy, it’s little surprise that property buyers are flocking to the Mackay region to make the most of low interest rates. You can begin your own search for house and land packages or blocks of land for sale in Mackay with Plantation Palms. We’d be happy to help you explore available grants, so get in touch.