Now is the right time to buy property in Mackay

MACKAY real estate market has seen better times but there are signs the cycle may be on the upturn and the city was through the worst.

MACKAY real estate market has seen better times but there are signs the cycle may be on the upturn and the city was through the worst.

There have been peaks suggesting the bottom has been reached and properties are being sold.

People looking to get into the market have been encouraged to try now.

One agent said smart investors were also getting into the market now.

Blacks- Real Estate director Peter Frances admitted the Mackay real estate market had "seen better times" but there were plenty of positives happening now and still to come.

"There are still properties being sold," he said.

"It's just the numbers are down on the boom times but there are transactions happening."

Mr Frances said there was no doubt Mackay was "absolutely through the worst".

"We've seen some peaks in activity this year which sort of suggests maybe we had reached the bottom and now people are getting in before the prices head upwards," he said.

"I'd encourage anyone who is looking to get in the market to have a go now."

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Mr Frances said the smart investors were getting into the market now and he had even noticed people purchasing their second or third properties.

"It's not a good time to buy when everyone else is buying because then it's very competitive," he said.

"You've got to do things when others aren't if you want to make a smart investment.

"The vacancy rate will drop because it has always been historically low in Mackay, so when it drops we'll then see an increase in the rental prices again - now is the time to be thinking about it."

People should stop listening to all the negative comments regarding the industry, Mr Frances said, adding "it's not as bad as everyone is making out to be".

"It's always been a very stable market," he said.

"I've been here the last 10 years but historically it's always been a very stable market and the interest rates are at a record low.

"We've seen a drop in prices, the cycle is telling me it's going to go up again."

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Originally published as Now is the right time to buy property in Mackay