The first signs are emerging of a resurgence in the central Queensland property markets
Battered by dropping prices in the wake of the resources slowdown the fortunes of areas such as Gladstone, Rockhampton, Mackay
and Bundaberg may finally be about to improve.
Property analyst Terry Ryder of Hotspotting believes there are some glimmers of hope for those regions with the first signs visible in dropping vacancy rates.
“The reality is that you are not going to get price growth in a market that has vacancy rate of five or six or ten per cent,’’ he said.
“If vacancies are high then the market is going to be flat in all respects, but when you get the vacancy rates right down, that’s when you get to the point where recovery can happen.
“Of all the central Queensland markets the one that is showing the strongest (turn around) at the moment is Mackay. Vacancies are down, a lot sales activity has picked up and we are starting to see actual signs of price growth there. It is kind of ahead of all those other places that were impacted, Gladstone, Rockhampton, Emerald, the Moranbahs of this world.
“They are all showing positive signs in various ways but the one that is the most ahead and really starting to look like the market is moving into a new growth phase is Mackay.’’
Mackay’s property market is on the way back with it now one of the stronger markets in central Queensland, the unemployment rate as at March 2018 was 4.3 per cent and steadily falling from 6 per cent in June 2017. Source: realestate.com.au