Sales activity is up across all property types in Mackay with first home buyers and astute investors taking advantage of improved housing affordability and record low interest rates, according to the latest quarterly report from the Real Estate Institute of Queensland (REIQ).
The REIQ reports an increase of 18 per cent in sales activity in the house market in the March quarter, with Mackay’s median house price of $385,000 up 4.1 per cent.
The most sales activity was in the $350,000 to $500,000 bracket, with sales activity improving in the $500,000 plus market.
The REIQ reports astute investors are becoming more active, taking advantage of affordable property prices.
Dwellings financed for investment purposes are at a five year high in Queensland according to the Australian Bureau of Statistics, showing increased property investor activity.
Mackay is currently the eighth most searched for area in Queensland on realestate.com.au, behind the Gold Coast, Brisbane, Sunshine Coast, Townsville, Cairns, Hervey Bay and Toowoomba.
Mackay Regional Council is supporting renewed interest and growth in the region, implementing programs to expand its traditionally strong economic base in mining, manufacturing and agriculture by diversifying into other industries including tourism, education and health.
The Council has created the Diversify Mackay Leadership Alliance, a collaboration of business, industry, community organisations and government working together to create a sustainable economic future.
The Council has also adopted the Facilitating Development in the Mackay Region Policy, offering incentives for developers of industrial, commercial and residential projects.
There is also the Council’s $18 million City Centre revitalisation project improving streetscaping, street furniture, public art, footpaths and lighting, due for completion in October this year.
TOTAL Property Group managing director and Somerset Park marketing manager Adrian Parsons said the positive Council initiatives and movement towards recovery in Mackay is creating confidence in the local property market, resulting in boosted sales.
“We are seeing increasing interest in the new Somerset Park master-planned estate located in Andergrove, Mackay,” Mr Parsons said.
“The Mackay property market has stabilised and is moving towards recovery, creating ideal buying conditions for home owners and investors,” he said.
“First home buyers are taking advantage of low interest rates and housing affordability to move from renting to purchasing their own home.
“Investors are using a counter-cyclical strategy, buying at affordable prices as the market rises from the bottom with a view to sell when the market peaks, making a significant profit.
“Somerset Park currently has a limited number of completed homes available in a variety of configurations from $365,000, ready for investors and buyers to purchase at this optimal point in the property cycle so they may benefit from increased capital gain over time.
“This gives Somerset Park an edge, attracting the attention of buyers looking to get into the market at the beginning of the recovery swing upwards.
“Somerset Park offers buyers investment security, high quality homes and a convenient lifestyle.
“Unlike other property developments, Somerset Park is a true master planned estate with a selected range of high quality house and land packages, giving buyers confidence that the value of their home investment is protected for future capital gains.”
Somerset Park developer Jim Relph of Trinity Property Consultants said buying in a well-situated, strategically designed master planned estate offers peace of mind, knowing all homes will be of an equally high standard of quality, design and construction, close to essential services for a convenient and enjoyable lifestyle.
“Purchasing a home or investment property is a substantial outlay and purchases can be assured of the quality of their asset at Somerset Park,” Mr Relph said.
“Somerset Park buyers can choose from a wide range of architecturally designed luxury three, four and five bedroom homes positioned on a variety of lot sizes, some with lake views,” he said.
“All Somerset Park homes are spacious with fully-tiled living areas, quality finishes including stone kitchen and bathroom benchtops, professional landscaping and fully fenced garden.”
Somerset Park will see 250 homes, duplexes and townhouses built across four stages over the next two to three years – a significant development for the Mackay region.
Somerset Park is situated off Bedford Road in Andergrove offering convenient living in a prime, family-friendly location, with a major bus route at the front door, six kilometres from Mackay’s central business district, modern marina and the city’s main beach, and Mackay airport a short drive away.
The estate is also surrounded by shopping, day care centres, schools, health care services, entertainment options and recreational facilities.
Information provided by Louise Carroll Marketing