Mackay - Far North Queensland
The Mackay property market, previously impacted by the downturn in the resources sector, is now recovering. The revival has been fueled by a significant fall in unemployment in the last 12 months and by population growth, leading to a reduction in real estate vacancies and a return to growth in prices and rentals.
The previous boom in Mackay was heavily driven by mining. This time around, the local economy is carefully gathering impetus on a diversity of industries, not just coal mining. Construction, logistics, agribusiness and tourism are all contributing and providing employment opportunities.
The mining industry remains pertinent; commodity prices and overseas demand have lifted, prompting miners to re-examine their businesses and proceed with expansion plans that were temporarily shelved.
Currently, mining projects around $42 billion are approved and gearing to proceed to construction.
In anticipation of population growth and increased freight movements, three levels of government are spending serious money on transport and general infrastructure.
The popular Whitsunday Islands, part of the Great Barrier Reef tourist mecca, are near Mackay, creating a relaxed water-based lifestyle. This, together with housing affordability and job opportunities, makes Mackay worthy of consideration by investors and first-home buyers.
This report covers the towns / suburbs of Beaconsfield, Bucasia, East Mackay, Eimeo, Glenella, Mackay, North Mackay, Sarina, South Mackay, Walkerston and West Mackay.
Mackay was Hotspot of the Week on June 4th 2019