Mackay's population growth is on an upward path with a forecast 56 per cent increase in the number of people living in the region in the next 20 years, according to the latest figures released by the Queensland Government Statistician’s Office.
This follows the last period of expansion in the 10 years up to 2013, when Mackay recorded an average annual population increase of 2.5 per cent, the fastest growth rate recorded in regional Queensland during this time.
Mackay’s population is expected to grow from 182,000 people in 2014 to 284,200 people in 2036, with the region’s strengthening local economy and coastal lifestyle attracting people to the city and creating positive momentum in the property market.
The Mackay Regional Council is preparing for expansion by rolling out a long-term plan to support growth and diversify local industry, 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.
Council’s economic initiatives are increasing confidence in the local economy and delivering positive results in the local property market, according to the Real Estate Institute of Queensland (REIQ) Zone Chairman for the Mackay District, Peter McFarlane.
“Confidence in the property market is increasing, resulting in more local purchasers buying their homes and the beginning of renewed growth through new residents relocating to the region,” Mr McFarlane said.
“We expect to see increasing sales volumes this year as the Mackay property market rises from the bottom of the property cycle after stabilising last year,” he said.
“Affordable housing prices, a positive local economic outlook and ongoing record low interest rates is making the Mackay region increasingly attractive to people looking to relocate.
“This has been reflected in the most recent REIQ Quarterly Market Report, which shows sales activity has increased for the last three consecutive quarters.”
TOTAL Property Group managing director and Somerset Park marketing manager Adrian Parsons said he is seeing increasing interest in the master planned estate in Andergrove, Mackay.
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.
“We have been fielding a growing number of sales inquiries at Somerset Park since late 2015 from both locals and people looking to relocate to Mackay as the local economy revitalises,” Mr Parsons said.
“Buyers are identifying Mackay as an ideal location to live and invest in due to its coastal lifestyle, city amenities and infrastructure, diverse local economy, employment prospects and its great potential for future growth,” he said.
“There are increasing financial options available these days to assist first home buyers as well as people wanting to get back into owning their own home.
Trinity Property Consultants developer Jim Relph said the forecast population growth in the Mackay region was a key factor in the decision to develop the Somerset Park master planned estate in Mackay.
“Our extensive research showed that Mackay has long been the service hub for the resources sector in the Galilee and Bowen Basin and the tourism sector in the Whitsundays, building on the stable base provided by the local agriculture and construction industries,” Mr Relph said.
“The Mackay Regional Council’s long-term diversification strategy is creating even more opportunities for economic growth into the future to support the predicted population growth,” he said.
“We recognise that the most important investment anyone can make is their home so we set about developing Somerset Park in Mackay as a well-situated, strategically designed master planned estate, ensuring that all homes are of an equally high standard of quality, design and construction, close to essential services.”
Somerset Park Homes are available in a variety of configurations from $330,000, with the opportunity for first home buyers to access the Queensland Government’s Great Start Grant of $15,000 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.