West Mackay among top 20 hottest suburbs in Queensland

West Mackay is among Queensland’s top 20 suburbs for price growth, according to one home loan lender.

West Mackay has been named among the top 20 suburbs in the state likely to experience strong house price rises, according to a home loan lender’s report.

The quarterly Well Money Green Shoots Report identifies the top 20 suburbs in the state showing the clearest signs of strong price growth.

Well Money (formerly Well Home Loans) CEO Scott Spencer said inventory (surplus housing) levels had fallen in every one of these suburbs over the October quarter.

A Mackay suburb is among top 20 in the state expected to experience strong house price growth.

“When inventory levels are falling, that means buying conditions are becoming harder, which forces buyers to compete harder and puts upward pressure on prices,” Mr Spencer said.

“In all 20 suburbs, (the) days on market have either remained unchanged over the past three months or fallen. When properties sell more quickly, that’s another sign of growing buyer competition.

“When supply falls and demand rises, vendors take notice. As a result, in all but three of the 20 suburbs, vendors raised their asking prices over the quarter.”

The report showed that West Mackay’s surplus housing level fell 23.6 per cent for its October period compared to the June period, down from 3.4 months to 2.6 months.

The number of days that a property remained on the market remained unchanged at 39 days while the median asking price between the quarterly periods rose by 1 per cent from $395,000 to $399,000.