Before you even think about looking for the perfect house plan, you’ll want to find the perfect location to buy your new property. But how do you identify a good area to live in or rent out? Let’s look at how to interpret the main types of real estate data you can put to good use when you’re researching real estate in Mackay.
One of the crucial factors to pay attention to when looking for houses for sale in Mackay is compound annual growth, as this indicates how property prices have trended in recent years. This figure compares the median sales price of the latest 12-month period to the equivalent 12-month period five years ago. While it’s not necessarily an indicator of future growth for your investment, it can give you a feeling for the demand of the area. Plantation Palms is situated in Rural View, which has an annual growth rate of 12% as of October 2017.
Median price and median rent
The median house price is the middle sold figure of all properties sold within a 12-month period, and this figure helps to indicate a ‘typical’ house price of that area. In Rural View this median price is currently $396,000 as of October 2017. Median rent works in the same way, but tells you the middle figure of properties advertised for rent in the past year and indicates what you might ‘typically’ ask for as a landlord.
Rental yield and demand
If you’re looking to find your new investment property or might be renting out your home in the future, it’s worth considering the rental yield of an area. This figure (currently $340 per week in Rural View) compares the median rent to the median price to give you an idea of whether your mortgage repayments would be covered by rental payments. This is brought into clearer perspective if you can find the area’s estimated cash flow, which tells you how much you’d have left over from rental payments each month on a typical mortgage.
Demographics are important whether you’re buying to live or rent out the property. They will tell you who your neighbours are likely to be, how old they are on average and who already lives in the area. If there’s a high percentage of young families in the area, for example, this could be the perfect place to raise your own children and be located close to quality schools.
The next step: Choosing your home and land
Once you’ve decided on the area of your new house, it’s time to consider what type of property you want to invest in. You might choose a house and land package for an all-in-one solution, to buy a plot of land and work with a builder to design your home, or to choose one of our newly completed houses for sale in Mackay. The easiest place to begin is with the Plantation Palms team who can assist you with home choices, land selection and any grants you may be eligible for.