Mackay is on an economic development growth path, with local government initiatives building on the diversification of industry in the region delivering positive results in the local property market.
Mackay Regional Council’s long-term plan to broaden diversification of industry and facilitate development in the region is increasing confidence in the local economy, leading to the property market stabilising earlier this year and steadily recovering.
There has been growing interest in the Mackay property market from home buyers and investors taking advantage of record low interest rates and affordable housing prices, with innovative local property developments like Somerset Park at Andergrove reporting increased inquiries.
Developed by Trinity Property Consultants, Somerset Park is a true master planned estate offering a carefully planned variety of allotment sizes and high quality dwelling designs to create a prestigious development.
This rising confidence in the local property market and economy has been stimulated by several Council measures to support growth, including the Facilitating Development in the Mackay Region policy, processes to accelerate development, a revised procurement policy and a number of 2015/16 Budget initiatives.
Mayor Deirdre Comerford said the recent adjustment in the region’s economy came on the back of unprecedented growth fuelled by the resources sector.
“The current term of council has been focused on playing its role in continuing to build the local economy and help create new investment and jobs,” Cr Comerford said.
Cr Comerford said initiatives for the development industry have been implemented, ranging from the Facilitating Development in the Mackay Region Policy to a Focus on Development program providing fast-tracked assessments,” she said.
“We also recently adopted a revised procurement policy to provide greater support for local businesses.
“Looking at the longer-term, we’ve formed the Diversify Mackay Leadership Alliance (DMLA), which is looking to diversify our region’s economy.
“Our soon-to-be-adopted Economic Development strategy will also assist with that diversification, as well as help identify opportunities to diversify within existing industries.
“We have worked hard to find efficiencies, enabling us to provide a zero per cent movement in the general rate in the new budget and a freeze on fees, charges and levies.
“We were also able to provide a range of economic stimulus measures, including a $3 million Better Community Building Fund providing grants for not-for-profit community and sporting groups with shovel-ready projects.”
Trinity Property Consultants developer Jim Relph said the diversity of industry in the Mackay region was a key factor in the decision to develop the Somerset Park master planned estate in Mackay.
“Our due diligence research showed the Mackay region has long been an area of economic growth, powered by strengthening activity in mining, agriculture, construction and tourism,” Mr Relph said.
“Mackay has historically been the service hub of the surrounding regions, including the mining regions of the Galilee and Bowen Basins and the tourism hotspot of the Whitsundays, providing a solid base for the region’s robust local economy.
“This is a strong foundation for the Mackay region to build on, with the long-term diversification strategy being implemented by council providing more opportunities for growth into the future.”
TOTAL Property Group managing director and Somerset Park marketing manager Adrian Parsons said property purchasers are increasingly confident that Mackay will be an area of steady growth into the future, deciding to invest in the region.
“Mackay has an enduring local economy supported by a range of profitable industries, making it an ideal location to live and invest in,” Mr Parsons said.
“The most important investment anyone can make is their home, and buying in a well-situated, strategically designed master planned estate like Somerset Park guarantees that all homes will be of an equally high standard of quality, design and construction, close to essential services.
“We are seeing ever-increasing interest in Somerset Park from home buyers and investors taking advantage of record low interest rates and Mackay’s affordable housing market.
“Somerset Park homes are available in a variety of configurations from $365,000, which is an affordable entry price for first home buyers. First home buyers can also access the Queensland government’s Great Start Grant of $15,000 when buying or building a new home, plus a transfer duty concession depending on eligibility.”
Situated off Bedford Road in Andergrove, Mackay, Somerset Park is in a prime location on a major bus route, six kilometres from the CBD, marina and the main beach, with the airport a short drive away.
The family-friendly estate is surrounded by shopping, day care centres, schools, health care services, entertainment options and recreational facilities.
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.
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.
Information supplied by Louise Carroll Marketing