Mackay Property Market Statistics (4740) 2024

The real estate market is a dynamic and ever-evolving landscape, influenced by a complex interplay of economic trends, local developments, and demographic shifts. Understanding these factors is crucial for making informed decisions, especially in regions with burgeoning growth like Mackay, Queensland 4740, Mackay has recently captured the attention of investors and homebuyers alike, thanks to its promising property market. In this article, we provide a comprehensive analysis of the Mackay real estate scene, drawing insights from multiple reputable sources.

Mackay, renowned for its coastal beauty and proximity to the Great Barrier Reef, is not just a tourist hotspot; it’s also a region experiencing significant real estate growth. According to data from realestate.com.au, the median house price in Mackay stands at approximately $467,000 that’s a 24.2% increase in the past 12-month growth for August 2023 – July 2024, while the median unit price is around $295,000 that’s a 16.1% increase in the past 12-month growth for August 2023 – July 2024. These figures represent an affordable entry point, especially when compared to larger Queensland cities like Brisbane and the Gold Coast, making Mackay an attractive option for both first-time homebuyers and seasoned investors.

The growth trajectory of Mackay’s property market is further illustrated by data from PropertyValue.com.au. Over the past year, house prices in Mackay have surged by 8.57%, while unit prices have climbed by 11.92%. This upward trend underscores the robust appreciation in property values, signalling Mackay’s growing appeal as an investment destination.

Interestingly, most properties sold in Mackay are three-bedroom houses, constituting nearly 37% of all sales. This preference for family-oriented homes highlights the region’s suitability for families seeking a balanced lifestyle, blending the serenity of coastal living with the convenience of urban amenities.

For a more detailed understanding of recent market dynamics, research and statistics provide an in-depth review of the market’s performance in the first half of 2024. The median house price in Mackay experienced a steady increase of 6.2% during this period. This consistent growth can be attributed to several factors, including improved local economic conditions, rising demand for lifestyle properties, and the impact of ongoing infrastructure projects, such as the Mackay Ring Road and port upgrades.

MCP recently posted on our socials, our Rental Market half-yearly results for Jan-Jun 2024 as follows:

From the start of 2024, many experts have highlighted the constant rate rises, cost-of-living challenges and economic uncertainty as the main factors for the buyer’s inability to purchase, & housing shortages leading to pressure on the rental markets.

Mackay has had a steady and consistent incline in the housing market, & there was no denying the fast turn-around in sales or rentals, due to demand outstripping supplies.

There was also the ‘great purge’ from investors in QLD during 2023, as those who held on during the downturn were now freeing up their debts and capitalising on a changing market, resulting from post COVID migrations. Adding fuel to this, the State government placed undue fear into the market with suggested land rate increases and remained unclear on how they would fix rental prices and terms, exacerbating investor uncertainty, with the main winners from this first-home buyers and savvy cashed-up investors.

The first half of the year brought with it an influx of Buyer Agents from interstate scouring our markets with flushed buyers from their investor seminars, causing an unusual surge in management inquiries. 

Buying at inflated price brackets, however, was detrimental to some, and a call from our Rental Team to maintain a ‘buyer beware’ attitude as few were not conducting adequate due diligence, or ensuring property inspections were undertaken before asking us to manage these properties.

A number of these managements were turned away, as they did not meet industry ‘best practices’, although not all agencies do. Maybe, one of the reasons why we were awarded this year’s coveted Rental Team of 2024 for Mackay with RateMyAgent for our 5-star client care & commitment to service in our market.

Rental Pricing

The median asking rental price Dec-Feb 2024:

$465 p/w for Houses 🏡

$290 p/w for Units 🏢

The median asking rental price May-July 2o24:

$580 p/w for Houses 🏡

$450 p/w for Units 🏢

*Domain Market

A key driver behind Mackay’s sustained real estate growth is its diversified economy. Traditionally reliant on mining and agriculture, Mackay has expanded into other sectors like tourism and agribusiness. This economic diversification has bolstered the local property market, ensuring it remains robust even during downturns in individual industries.

Recent Case Studies:

With the increased activity from Buyer Agents over these last 6 months, Mackay was heavily promoted as a hotspot for quick investment return opportunities and investment seminars adding overly excited buyers to our market. 

We would like to caution investors, to ensure they conduct through research and due diligence. 

We recently dealt with an investor, who used a buyers agent to help them purchase a house site unseen, they ignored the independent building & pest report, and then sent Mackay City Property as a rental agency to inspect the property post purchase for a rental appraisal.  The home required approximately $100,000 worth of maintenance work on the conservative side, and they paid another $100,000 above our local market values to purchase an investment ‘lemon’.

We were in the uncomfortable position of advising we couldn’t enter that property to market without those essential repairs.  Noting, these repairs would become an issue when the tenant took the landlord to task at court for serious maintenance problems such as water leaks which would then lead to mould and other health concerns. 

The buyer’s agent in turn advised the investor to ignore our advice, took the property to another agency (who were recipients of a commission/let fee), & the property went straight onto their letting pool. 

We have seen newly appointed investors, unable to afford the most basic repair requests, begging the question, how can they even consciously place themselves into a position of stretching finances in their request to become ‘an investor’.

Well we have a very good example of this, after a recent complaint was received, where an investor under extreme financial pressure, and unable to afford not one but two investment property maintenance costs, was now on the verge of bankruptcy.  Our Property Manager had been advising them for some time to consider offloading at least one of their properties, namely the oldest, to help manage their financial situation.

The problem with time escalated and they recently faced the unpleasant scenario of having to sell the properties at the banks request. Topping this scenario, by selling themselves short in the belief that they could have achieved a higher selling price than the one achieved, out of sheer desperation.

Our ethos of being matter-of-fact and honest doesn’t always reward us.  In the same breath, our job is to ensure people are well informed when buying and selling, and why we advocate on using local agents in the market versus those unfamiliar to the region.  

Not all stories are cautionary ones, and one of the reasons many investors return to Mackay City Property’s rental pool when purchasing investment properties, are best highlighted through our Google reviews.

In summary:

The Mackay’s real estate market tells a compelling story of growth, resilience, and opportunity. With rising property values, a stable and increasingly tight rental market, and a strategic economic outlook, this coastal gem in Queensland has attracted the attention of investors and homebuyers alike. Mackay’s property market is poised for further growth as the region continues to evolve, particularly with ongoing infrastructure developments and economic diversification.

For investors seeking long-term value or homebuyers looking for an affordable yet promising market, keeping a close eye on Mackay could lead to rewarding opportunities. Whether you are drawn by its coastal charm, economic potential, or the steady appreciation in property values, Mackay stands out as a market with significant promise in Queensland’s real estate landscape.