Hi All
I'm interested in making my next property investment in Mackay, and am hoping for some advice from locals or other well-informed investors on good established areas in which to purchase, and of course areas to avoid. At this point I am open and flexable with my options, looking for existing propetries up to about $450,000. I'm not interested in new estates, prefering established neighborhoods with history, proximity to schools, shops, views, renovation or development potential, near beachs, etc., and of course wish to avoid flood prone areas and air born pollutants. I've searched other threads and topics on the forums here for these details on Mackay and have found little such detail, so I'm hoping to initiate a bit of discussion here regarding the desirable and less desirable attributes of Mackay. I'm looking forward to reading all responses.
Thanks,
Tonytony,
we will be moving back to mackay next year after 12 years in brisbane. if you are worried about flooding stay away from glenella, greenfields, valetta gardens. these all got flooded last time. I guess what alot of people in these areas didn't relise was that when alot of this area wasn't developed it was all badly flooded back in 1990 from memory. walkerston or marian would be good for miners also if you want to look at sarina as there is more expansion going on at hay point. once we have moved back and settled in and look for an investment property i like the idea of one of the older duplex's that are around. these go for about 450k to 500k and real estate agents are saying if they are fully air con and looking good you can get up to 350 per week per 2 bedroom duplex.
cheers
leeHey Tony,
I have been living in Bucasia/Shoal Point area for 8 years now. It is 20mins from the heart of town. The canelands have just finished there $220M upgrade to include Myers, sizzler & many more shops. There appears to a lot more confidence in Mackay, not that it stood still but houses between $380-$420K are selling like hot cakes. Northern Beaches which include areas like Blacks Beach, Eimeo, Bucasia, Shoal Point, Rural View has a lot just starting to see more growth due to BiLo shops being changed to Coles, Woolworths, McDonalds, speciality stores, local hardware store Porters, local tyre company Meng tyres (He sold this business & now is the Mayor of Mackay) have built out at northern beaches area. Lots more work like Bunning’s, Harvey Norman, and High School will be moving closer to use.
The expected prices for a new 4bed/2bath/2 car house;
-Shoal Point $600k plus-2 min walk to Bucasia beach;8 mins drive to shops
–Bucasia $450k plus-4 min walk to beach-5 min drive to shops; (Check out Royal sands estate)
-Rural View $600K plus-10min drive to beaches, 5min walk to shops
-Blacks beach $550K plus 5 min walk to beaches-6 min drive to shopsYou also have Andergrove that has a " Housing Affordability" which is just selling.
If you require further info just let me know.
Lefty
Thanks Lee and Lefty for your replies. I'm currently looking at properties near the CBD with high density zoning and development potential with a view to hold for a while. I looked at similar properties in Gladstone about a year ago but bought a nice 4 bed 2 bathroom in Kin Kora instead. While I am of course very happy with that purchase, there would obviously be very good capital growth on the high density properties near Gladstone's CBD. Much slower movement in Mackay is inevitable, but the land near CBD is irreplacable.
i swear i read somewhere the other day that investment in mackay had exceeded gladstone? is this correct, they may have been talking about planned investment mind you.
I am looking at renovating or possibly small development opportunities in mackay hopefully by the end of the year? does anyone believe this a good area for it considering the upcoming projects in the area for all aspects of industry?
cheers
I am pretty happy that my new 4 x 2 house in Rural View that has just been built will be achieving around $700 pw rent a 8.4% yield on purchase price. This rent is $170 higher than was originally appraised 6 months ago, so yes, I would say mackay is going great guns.
does anyone know if the council allow granny flats in mackay?
I think the following link is probably what you read about regarding comparative investment in Mackay and Gladstone. Note that the $107 billion mentioned is for the "Mackay- Isaac-Whitsunday Region". Not just Mackay.
http://www.dailymercury.com.au/story/2012/02/03/investment-skyrockets/Also, I wrote a post on Feb 2nd on thread titled "Qld mining regions…" regarding a trip I made to Mackay, and my impressions of the potential there. I believe it is an excellent place to to perform reno projects.
Tony
Sorry camjanice,
How much did you pay for ur rural view property & how old is it? Who is ur PM? Is it a company or individual on he lease? Is this a 4 bedroom/ 2 bathroom/ dlug? Did you have do anything special to achieve the $ 700 pw.?
Hey waydo77,
Have you found any projects to do yet?
Regards
Leftyhey lefty
nothing as of yet, but plan to make a trip up there in the next couple of months to investigate further..
cheers
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