Mackay real estate market activity heats up as homes sell quicker in September quarter
The property market in North Qld is in rapid-fire mode with new data revealing buyers are confident and snapping up homes.
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Mackay homes are now listing and selling almost 50 per cent faster than three years ago.
Homes in the Mackay Local Government Area are spending just 27 days on the market compared to 48 days in December 2019, Real Estate Institute of Queensland figures reveal.
REIQ’s data shows there has also been a 27 per cent increase in listings, with 3688 properties listed for sale in September 2022 compared to 2903 in December 2019.
Zooming in on just the September quarter, listings are up 8.2 per cent or an extra 301 listings, compared to this time last year.
Median sale prices are also on the rise, averaging $440,000 over 575 sales compared to $432,500 last year.
REIQ CEO Antonia Mercorella says the trend of quicker and higher listings compared to the pre-Covid period pointed to market stability.
“The average number of days on market in Queensland is now sitting at 19 days compared to 51 days pre-Covid,” Ms Mercorella said.
“While it got as low as 16 days earlier this year, at less than three weeks during the September quarter it shows buyers still can’t afford sit on their hands if they’re serious about securing a sale.”
Professionals Mackay director Gary Tweddle echoed the assessment, identifying new growth in areas like Rural View, Richmond and Eimeo in the Northern Beaches.
“They (sales) were stable from July through August to September, but from October to December they have picked up,” he said.
Mr Tweddle said he just sold two properties in West Mackay that went from listing to under contract in four days, and another in Beaconsfield that went just as fast but for above the reserve price.
He said the market for new listings was stabilising but added it was likely there would be a pick-up in second-hand housing purchases in the new year.
“The market will be strong (next year) because new housing is proving to be very expensive due to factors like rising interest rates,” he said.
Mr Tweddle said suburbs like Rural View and Andergrove, and the rest of the Northern Beaches in particular, were likely to experience a rise in second-hand housing sales.
The Master Builders Association also warned that demand for new homes next year was likely to fall as interest rate hikes, soaring costs and regulatory change take hold.
READ HERE: Mackay real estate’s big plans for the CBD
Its figures showed a 21.1 per cent fall in new dwelling approvals for the Mackay and Whitsundays region over a month, dropping from 57 in November to 45 in December. The latest quarterly approvals stood at 164 compared to 177 for the previous quarter, a fall of 7 per cent. There were 791 approvals for the year compared to 873 for the previous 12 months, a fall of 9 per cent.
Ms Mercorella said strong buyer demand and scarce stock were driving sales across the state.
“The number of listings across Queensland this quarter was also up compared to this time last year (120,407 vs. 113,387) showing stock, albeit low, is still consistently coming on to the market,” she said.
“This tells us that vendors are still feeling confident about selling conditions.”
Ms Mercorella said strong buyer demand and scarce stock were driving sales across the state.
“The number of listings across Queensland this quarter was also up compared to this time last year (120,407 vs. 113,387) showing stock, albeit low, is still consistently coming on to the market,” she said.
“This tells us that vendors are still feeling confident about selling conditions.”
Ms Mercorella said the state’s strong property market was driven by Queensland’s powerful lure for interstate migrants, relative affordability, strong demand, low supply, a record tight rental market and low unemployment.
But she also sounded a cautionary note.
“There’s no denying the dampening effect of rising interest rates on sentiment and borrowing capacity, and until interest rates stabilise, buyers are likely to maintain a more cautious and careful approach.”
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