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Mackay Property Market Update 1st Half of 2021

In Q1 2021, Mackay* recorded a median house price of $355,000, and a median unit price of $260,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 10.9% for houses and 18.2% for units. Between Q1 2020 – Q1 2021 total sales increased, by 30.7% for houses (to 200 sales) and by 4.3% for units (to 49 sales). Median price growth alongside increased sales suggest there are real returns on capital investment in Mackay*. Now is an ideal time to transact, particularly for vendors looking to benefit from a highly demanded market.

In Q1 2021, Mackay* recorded a median house price of $355,000, and a median unit price of $260,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 10.9% for houses and 18.2% for units. Between Q1 2020 – Q1 2021 total sales increased, by 30.7% for houses (to 200 sales) and by 4.3% for units (to 49 sales). Median price growth alongside increased sales suggest there are real returns on capital investment in Mackay*. Now is an ideal time to transact, particularly for vendors looking to benefit from a highly demanded market.

Average vendor discounts between Q1 2020 and Q1 2021 have tightened for both property types, to -4.3% for houses and -2.5% for units. Market conditions in Mackay* provide unique opportunities, as sellers are achieving final sale prices closer to their first list asking price, whilst buyers are still benefitting from a discount.

In March 2021, house rental yields in Mackay¥ were recorded at a healthy 5.9%. In the 12 months to Q1 2021, the median house rental price increased by 13.2% to $430 per week, with average days on the market declining by -21.4% (to 22 days). This places Mackay* as a strong market, suggesting there room for investors to enter the market.

2 bedroom houses have provided investors with +6.7% rental growth annually, with a median rent of $320 per week.

Also in March 2021, Mackay¥ recorded a low vacancy rate of 1.1%, which is generally on par with Mackay LGA (1.0%), but well below that of Brisbane Metro (1.5%). Vacancy rates in Mackay¥ have on overall trended down since April 2020, and remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% throughout COVID-19. There is still an influx of rental demand in the area, creating a highly conducive investment market for investors.

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