Mining’s Back, and Mackay’s Market is Looking Bright
Queensland’s property market has seen remarkable growth in the past 18 months, and Mackay has shown its own strength with state-leading figures. The Mackay region showed healthy 6% growth in the 12 months to September 2020, as reported in the latest REIQ market monitor. In fact, Mackay’s property market has been home to the strongest growth of any region in the state in the past year.
It’s a far cry from the downturn back in 2015, when the coal price fell and the local mining industry experienced a slump. But mining has more than recovered since then, and the town has been busy strengthening and diversifying its local economy:
- Mackay has been building its strength in tourism in recent years, with its ideal proximity to the Whitsundays and lush hinterland to explore.
- A number of large infrastructure projects have boosted employment in the area, including a $17 million overhaul of port facilities.
- The local sugar industry has benefited as German-owned Nordzucker AG acquired a 70 percent share in Mackay Sugar Limited in 2019, and agriculture in the area is thriving.
- Mining is back operating at sustainable levels for some time and has even helped the region navigate the COVID-19 pandemic with little to no disruption.
Confidence is growing in Mackay investments
With each of these diversified industries and a healthy flow of people moving from the capital cities, confidence in the Mackay property market has been steadily growing. Rental demand is robust and leasing conditions have loosened with low interest rates, while house prices in the area are still affordable. There’s also demand for commercial property and land, with many looking to invest and build businesses in the area. With these factors in mind, it could potentially be an ideal time to build or buy an investment property in the Mackay region.
How to build or buy in the Mackay region
If you are looking to get into the Mackay property market or expand your investment assets, the best place to begin is with a visit to Rural View’s Plantation Palms. You can explore land for sale in Mackay just minutes from stunning beaches and the heart of the city, as well as display homes in Mackay from the reputable builder Gemini Homes. There are a range of house and land packages to choose from to suit your family, lifestyle and investment style. You can visit Plantation Palms Land Display Centre on Monday, Friday or Saturday from 10am to 4pm.