The Mackay property market outlook is very positive for 2016 according to the Real Estate Institute of Queensland (REIQ) Zone Chairman for the Mackay District, Peter McFarlane, who expects to see increasing sales volumes as the real estate market rises from the bottom of the property cycle.
Mr McFarlane said the Mackay property market would continue to build momentum in 2016 after stabilising last year off the back of increasing confidence in the broader local economy.
“We saw rental vacancies stabilise towards the later part of last year, increasing home sales figures and a shift in the buyers’ market from investors to owner occupiers,” Mr McFarlane said.
“The majority of sales in Mackay were driven by local first home buyers seizing the opportunity to enter the market under ideal conditions, taking advantage of housing affordability and the ongoing record low interest rates,” he said.
“Confidence in the property market is increasing, resulting in more local purchasers buying their homes and growth through new residents relocating to the region.
“We are already seeing sales increase in the $450,000 to $500,000 price range driven by people who are now in a position to upgrade to their next brand new home.
“The most recent Real Estate Institute of Queensland (REIQ) Quarterly Market Report showed sales activity was up 9% on the previous quarter with 180 houses sold, most of which were situated in suburbs close to the CBD including West Mackay, South Mackay, Bucasia
, Glenella and Andergrove.
“Buyers are gravitating towards residential hubs with nearby amenities and infrastructure.
to read the full article originally published on Monday 15th February by Which Investment Property.