Mackay's residential market undergoing an infrastructure revolution

Mackay's residential market undergoing an infrastructure revolution
Mackay's residential market undergoing an infrastructure revolution

Mackay's residential market is undergoing an infrastructure revolution and it’s full steam ahead in 2018, according to the June report from Herron Todd White.

Economically speaking, Mackay is probably in its best shape in almost five years, with falling unemployment, a buoyant resource sector, increased infrastructure projects and generally improved sentiment, the valuation firm advise.

Projects underway include the $500 million (approximately) Mackay Ring Road project which is in full swing, the sports precinct out by Central Queensland University, Vines Creek Bridge and the Eton Range Bypass as well as many more.

The Mackay Regional Council has also announced a number of infrastructure projects such as flood mitigation and drainage work in East Mackay.

The report states that, "this has then had a flow on effect to the residential market and vacancy rates have virtually halved in past 12 months, leading to increased rental values (only slightly so far).

"There has been increased buyer demand for owner-occupied dwellings, with reducing days on market and good activity across almost all sectors."

While activity has increased and general sentiment has improved, keep in mind there have yet to be any real increases in value as of yet.

The valuers noted there are still a number of hurdles in the Mackay market, with harsher lending policies still in effect for the 4740 postcode and the large equity reduction seen in the market over the past six years.

All in all though, the past six months has definitely been a big improvement for not only the Mackay residential market but the whole Mackay region and the report forecasts, "a continuation of this for the rest of the year."

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Mackay Residential Market Trends

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