Hello fellow investors.
I am in the planning stages, and have been looking quite extensively at Mackay, and it's looking rather promising. Mackay is well established, has a growing population, is supported by several different industries (mining, sugar, tourism, marine, retail etc), and has strong forecast growth. Naturally everyone does need to do their own due diligence, and carefully consider specific areas within the Mackay region, but I was just curious as to whether many others have or are looking at the Mackay area, and what their general thoughts are? Or perhaps if there are any investors with experience investing in the Mackay area, and how they've found it so far??
Any feedback/thoughts/ideas welcome.
Cheers.
Hi Kingyj
In my opinion, I like Mackay over the long period should serve you well, It does seem like a stable area and there are future prospects in the mining industry.
I am new to Mackay as well. 3 months here and looking for PPOR. I can tell prices went down for sure compare to what I saw before New Year.but Jotham is right it is not very stable atm due to mining industry… the house that I like to buy was $550K in October but only $485K now…
I'm surprised there are falling prices in Mackay, let alone 10% in 6 months. I thought Mackay was one of the hotspots in central QLD. Is anyone else seeing the prices dropping in Mackay? Is it happening across the market i.e old and new construction, houses & apartments?
anybody care to update us with their thoughts about Mackay – have prices and rents stabilised – or are they still sinking…
I agree with Kingyj – “Mackay is well established, has a growing population, is supported by several different industries (mining, sugar, tourism, marine, retail etc), and has strong forecast growth. ”
If u can find a bank manger to tell you the truth of how many houses they have on there books you’ll wait a little longer before buying
Only my opinion
Thanks Rob
Hello fellow investors.
I am in the planning stages, and have been looking quite extensively at Mackay, and it’s looking rather promising. Mackay is well established, has a growing population, is supported by several different industries (mining, sugar, tourism, marine, retail etc), and has strong forecast growth. Naturally everyone does need to do their own due diligence, and carefully consider specific areas within the Mackay region, but I was just curious as to whether many others have or are looking at the Mackay area, and what their general thoughts are? Or perhaps if there are any investors with experience investing in the Mackay area, and how they’ve found it so far??
Any feedback/thoughts/ideas welcome.
Cheers.
Being a regional centre you need to be careful. Vacancies can rise and the market can become oversupplied when developers go in and build a product based on predicted growth. Remember mining is unstable at the moment. You need to consider your strategy and use regional centres more for cash flow than growth, particularly in the short to medium term. I think duplexes are really good to build in regional areas if you have the capacity. Cash flow is good and many options with them.
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Lloyd Edge | Aus Property Powwow
http://www.auspropertypowwow.com.au
Email Me | Phone Me"Let's Talk About Property"
Being a regional centre you need to be careful. Vacancies can rise and the market can become oversupplied when developers go in and build a product based on predicted growth. Remember mining is unstable at the moment. You need to consider your strategy and use regional centres more for cash flow than growth, particularly in the short to medium term. I think duplexes are really good to build in regional areas if you have the capacity. Cash flow is good and many options with them.
Lloyd Edge | Aus Property Powwow
http://www.auspropertypowwow.com.au
Email Me | Phone Me"Let's Talk About Property"
Investing in Mackay has been very promising and beneficial for me. It only depends in which property you are going to invest? If you are trying for commercial property then it will be more beneficial for you as mentioned that Mackay is supported by several different industries.
Howard Morales | Selling investment property in brisbane
http://www.mcbeathrealestate.com.au/Be careful of insurance cost and rates in this regional area. On a $260,000 house you will pay around $3,000 annually and rates are around the same. That’s $6,000 before you even get started! Insurance for flats/apartment is even higher. The government has put a taskforce together to try and workout how to address the unsustainable insurance levels in the region. MOST INSURERS WON’T TOUCH THIS AREA DUE TO CYCLONES!
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