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Mackay leading property revival in September quarter

Wednesday, December 05, 2012

THE Mackay property market was regional Queensland's top performer during the September quarter, contributing Queensland recording its strongest house sales numbers in nearly two years.

According to the Real Estate Institute of Queensland (REIQ) September quarter median house price report, the number of house sales throughout Queensland increased significantly over the quarter.

"The mining areas of Queensland appear to have come off the boil a little, perhaps due to sharp property price increases over the past 12 months in Gladstone and Mackay in particular; however, sales in these regions remain strong," REIQ chief executive officer Anton Kardash said.

The top performer of all major regions was Mackay, which posted a median house price increase of 4.7% to $445,000. Over the year its median house price increased 4.9%.

REIQ Mackay zone chairwoman Sally Richards said numerous factors contributed to Mackay's continued steady market conditions and, despite changing local employment conditions, the prospect of growth for the following quarter and beyond was positive.

"We have found more recently that there has been increased interest in the higher priced homes such as the $400,000 to $600,000 price range.

"These people are upgrading or moving to Mackay," Ms Richards said.

"There is a significant amount of increased development and building activity in the region, resulting in strong demand for new home and land developments."

An absence of first home buyers due to the removal of the $7000 First Home Owner Grant was expected to end following the introduction of the new $15,000 First Home Owner Construction Grant, she said.

Strong Performer

 West Mackay: 9.3% increase in median house price to $427,000 and 7.1% increase in growth over 12 months.

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