CBD site poised to change hands for first time in 20 years

Real estate agent says city heart has a 'growing confidence'

CHANGED HANDS: The building at 126 Victoria St previously sold in 1998 for $530,00. Picture: Google

PROPERTY sales in the city heart might be indicative of the growing confidence in the local economy.

Despite many empty store fronts on the rental market, 13properties in the CBD have changed hands this year, with two properties selling for more than $1million.

The most recent sale was of 126Victoria St, which is set to be formalised later this month. The retail property was previously sold in 1998 for $530,00.

Raine & Horne commercial sales agent Des Besanko said the current sales climate in the CBD was the start of a "growing confidence” that would spread outwards from the city heart.

"Due to the record low interest rates, we are having to create low entry points for people to purchase. This has encouraged people to buy instead of lease,” he said.

Mr Besanko said the low entry point also indicated it was more likely owner-occupiers were purchasing property.

"It is likely selling more to owner-occupiers than we have in the past,” he said.

"Mainly because five years ago prices were quite high ... and the town was quite active, so the only way business could get in the CBD was renting.”

Despite the growing confidence, Mr Besanko said the Mackay real estate market was still being driven by residential and industrial sales.

"Although commercial and retail (sales) will come off the back of that,” he said.

"Even during our downturn we were selling a few more properties than average in the CBD.”

Originally published as CBD site poised to change hands for first time in 20 years