The latest quarterly report from the Real Estate Institute of Queensland (REIQ) states Mackay real estate agents are fielding increased sales enquiries driven by local first home buyers recognising the great buying opportunities currently available.
There has been growing interest in the Mackay property market from first home buyers who are gaining the confidence to enter the real estate market, with innovative local property developments like Somerset Park at Andergrove reporting increased enquiries.
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.
The REIQ reports first home buyers are entering the housing market under ideal conditions, taking advantage of the housing affordability in Mackay and capitalising on continual record low interest rates.
The Mackay property market cycle is at an optimal stage for buyers to maximise capital growth on home purchases, having stabilised and showing signs of recovery.
These stabilised market conditions are enticing more local buyers from every demographic, not just the first home buyer market, according to the REIQ report.
Local real estate agents report that market confidence is continuing to improve steadily and overall market activity is likely to remain stable.
REIQ Zone Chairman for the Mackay District Peter McFarlane said the trend in house sales over the past 12 months indicates Mackay is rising from the bottom of the property cycle.
“There has been a distinct improvement in the Mackay property market in 2015,” Mr McFarlane said.
“More first home buyers are taking advantage of the low interest rates and the affordable property prices to realise their dream of owning their own home,” he said.
“Mackay has been re-established as a true local buyers’ market in the post-Global Financial Crisis era of adjustment and renewed gradual growth.
“As a result market conditions have stabilised and confidence is increasing in the local property market and the broader local economy.
“Local government initiatives to broaden diversification of industry and facilitate development in the region have put Mackay on an economic development growth path in 2015, leading to a general feeling of optimism throughout the region.
“As outlined in the latest REIQ report, this positivity has now been reflected by the increased level of local buyers interested in investing in the property market.”
Somerset Park developer Jim Relph of Trinity Property Group said Mackay has a robust local economy supported by a range of industries including mining, agriculture, construction and tourism.
“This solid economic base makes Mackay an ideal city for first home buyers to live and invest in,” Mr Relph said.
“First home buyers are looking for a quality home that offers value for money and the peace of mind that comes from knowing they have made a sound investment,” he said.
“Buying in a well-situated, strategically designed master planned estate like Somerset Park offers this by guaranteeing that all homes will be of an equally high standard of quality, design and construction, close to essential services.”
TOTAL Property Group managing director and Somerset Park marketing manager Adrian Parsons said he is seeing ever-increasing interest in Somerset Park from first home buyers taking advantage of record low interest rates and Mackay’s affordable housing market.
“Somerset Park homes are available in a variety of configurations from $379,000, which is a highly affordable entry price for first home buyers,” Mr Parsons said.
“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,” he said.
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.