REAL ESTATE: Why Mackay is leading the pack

Research reveals Mackay’s economic growth has made it a star for residential investors and home buyers.

MACKAY currently sits at first place on the state's property leaderboard when it comes to real estate markets across Queensland.

Research from property analytics firm Propertyology has landed Mackay in the top spot among 11 major cities.

Propertyology analysts determined rankings by comparing data tracking housing affordability, property market growth, rental return, and economic acceleration.

Mackay ranked first in the state overall and first in two out of the six other categories.

Those categories were first for growth in median house price over the past 12 months and first for rental growth.

Propertyology head of research, Simon Pressley, said Mackay boasted a unique combination of healthy numbers for tenants, first-home buyers, property investors and the broader economy.

"Mackay's median rent of $380 a week is still relatively affordable when compared nationally. On the other hand, those wanting to buy property in Mackay are spoiled by the low entry price of $355,000," he said.

Propertyology's research revealed over the past 12 months, Mackay's 4.4 per cent increase in median house price was superior to all eight capital cities.

Hobart was the best-performed capital with 3.1 per cent growth, while Melbourne (10.7 per cent decline) and Sydney (9.8 per cent decline) were the worst.

Propertyology's rankings of 12 high-performing Queensland property markets.

"Mackay investors are enjoying spectacular rental yields of 5.6 per cent and very low vacancy rates," he said.

"The property market is usually the leading indicator of an economy's overall performance."

Mr Pressley said while the opening of the Galilee Basin had a lot to do with the recovery in the local market, it wasn't the only factor.

"Mining is always going to be important to Mackay's economy but I think agriculture plays a very important role as well."

 

Propertyology's airport passenger volume figures indicate Mackay's economy is in recovery.

 

 

Mr Pressley said free trade agreements made commodities, such as sugar, more affordable to overseas customers and that certainly was bolstering the agricultural economy in Mackay.

Another factor spurring economic growth in the Mackay region was a diversity of local works projects, including the Mackay Waterfront development.

"The Mackay Waterfront development is a big deal. When a project like this happens within a city it does wonders for local confidence,"he said.

"The extra energy created by getting locals out in the community, connecting with one another and local business is great for a city. It's a great initiative, with a far-reaching impact."

Originally published as