Best purchasing conditions in Mackay, but rental values are halved: HTW

The Mackay residential market currently is considered a buyer’s market, with the best purchasing conditions seen in over a decade, according to Herron Todd White’s latest monthly market report.

The property advisory firm says that the story of the Mackay market really is a glass half full versus glass half empty scenario.

"On the glass half empty side, we have seen values of residential properties fall 30% and higher in some areas on the back of the downturn in the resource sector, which Mackay is heavily reliant on," the report noted.

Rental vacancies have ballooned from below 1% to the current 7.7 percent which is actually down on the high of over 9 percent. Rental values have almost halved from the peak conditions in 2012.

"On the glass half full side, we now have buying and renting conditions not seen since the early 2000s.

"This is becoming noticeable in the current market, with increased sales volumes (albeit at low prices comparatively speaking).

"The price point that appears to have most volume is the sub $300,000 and in particular the low $200,000 properties."

One example would be a three bedroom home at 12 Boddington Street (above) that is for sale for $249,900.

For this price you can get an average quality high set dwelling in the established suburbs north of the river, or an older style Queenslander in average condition south of the river.

Previously, Mackay was seen as a mining town being unaffordable and too expensive to live for people not associated with the mining industry.

Couple these house prices with historic low interest rates and Mackay is now seen as a very affordable alternative to other coastal centres in Queensland.