Mackay real estate: Suburbs to be hit hardest by interest rate rise

With the first cash rate increase in 11 years, interest rates could rise as much as two per cent. But, which Mackay suburbs will be hit the hardest?

A 2 per cent rise in interest rates could cause the average Mackay homeowner in some suburbs left to pay an extra $460 a month in mortgage repayments.

The increase is considered a real possibility, should inflation not be brought under control.

It comes after the Reserve Bank of Australia initiated the first cash rate increase in 11 years at the start of this month, from 0.1 to 0.35 per cent.

The most affected suburb in Mackay is Glenella.

With a median house price sale of $520,000 and an average annual income of $74,500, on average Glenella residents would be hit with an increase of $460 to their monthly mortgage repayment.

Other Mackay suburbs that would experience rises of more than $400 with a 2 per cent rate rise are Bakers Creek ($410), Marian ($440), Ooralea ($440), Rural View ($410) and Walkerston ($420).

North and South Mackay were the two suburbs that would be least affected.

Nevertheless, homeowners in these towns would still pay an additional $310 a month.

The report has been produced by property data analysis group PropTrack and used the median price of sales made in the 12 month period ending April 2022.