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The property markets in Mackay are once again thriving, after a slower few years caused by the mining downturn.
Ray White Mackay City commercial property specialist Fred Dubois said the local economy is once again performing well, leading the commercial property market to “really thrive”.
Coal prices and output are back to sustainable levels, while large infrastructure projects are well underway, he said.
In addition, the local sugar industry has been “revitalised” by a recent acquisition.
Mr Dubois said employment demand is back and has attracted interstate and South East Queensland migration, and highlighted that “fortunately, the COVID-19 pandemic has been kept under control in our region, and has not had much effect”.
It’s not just of benefit to commercial property in the area, with the specialist adding that there has been a strong impact on the residential rental market.
“Demand for rental properties [is] going through the roof,” he commented.
“After years of credit tightening, the banks have found new confidence in our market, and are now quite happy to lend.”
He said this had also been driven by a high-performing local economy and an easing lending policy, with the commercial real estate market having followed suit.
There’s particular appetite for tenanted investment properties, industrial warehouses/workshops and residential development land, the commercial agent added.
“On top of increased activity, the prices are still affordable because we’re just coming out of a long mining downturn,” he reiterated.
“All the lights are green, and the prices are reasonable.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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