Mackay units suffer significant slump, but realtors buoyed by house affordability

Mackay’s unit market suffered the second largest slip in the state, but the bang for your buck is still attracting southern buyers.

REAL ESTATE: This property at 4 Hinton St, Mackay, is on the market for offers from $1.1m.

Mackay’s unit market suffered the second largest slip in the state but a local agency owner insists the market is “fairly stable” overall, and the bang for your buck in houses is still attracting city slickers from down south.

The Real Estate Institute of Queensland released the quarterly sales results for April-June, based on leading property database CoreLogic.

During those three months, unit sales slumped by more than eight per cent – dropping to 107 sales with a $275,000 median price.

This was coupled with a decline in total unit listings over the past 12 months – 573 listings, representing a drop of almost six per cent.

With less availability, the annual median sale increased by around eight per cent to $280,750.

During those three months, unit sales slumped by more than 8 per cent – dropping to 107 sales with a $275,000 median price. Picture: Rae Wilson.

The REIQ noted Mackay’s unit market took one of the largest backward steps in Queensland – dropping more than eight per cent, only topped by Toowoomba declining more than nine per cent.

Pinpoint Property Mackay owner Allison Cunningham, also the REIQ Mackay zone chair, said the local unit market hasn’t necessarily devalued, but there is less property available.

“The number of days to contract is still quite comparable to last year,” she said.

“The number of days to settle is longer, but the banks are definitely a factor in that, as is the availability of tradesmen if any repairs are needed to the property.”

In the housing market, 478 houses were sold in the Mackay region this quarter at a median price of $450,000 – a slight increase on the previous quarter.

Over the past year, the median sale price for a Mackay house has jumped by more than 3.5 per cent to $440,000.

However, total house listings in Mackay over the past year is down from 3746 to 3109.

Ms Cunningham said the Mackay real estate market is shifting, but there is no indication a significant overall decline is coming.

Mackay’s unit market took one of the largest backward steps in Queensland. Picture: Rae Wilson

“At the moment it is fairly stable, it is not shifting greatly,” she said.

“It is to do with listing volume … there is very little data to support that the housing market will start to decline, if anything it may tighten up a bit more.

“Mackay is still very affordable compared to other regional towns and that’s why so many people from down south are looking to relocate, $500,000 still buys a nice house here.

“There is still good affordability here, but buyers are also getting good value.”

Across Queensland, the REIQ report found the state’s property markets enjoyed a quarterly median house price growth of more than 4.5 per cent, and unit prices lifted by 3 per cent.

Over the past 12 months, the state has seen substantial growth in excess of five per cent for houses, and almost 7 per cent for units.

Originally published as Mackay units suffer significant slump, but realtors buoyed by house affordability