The Mackay market experienced significant value loss between 2013 and 2017, but momentum has now shifted with slight increases in value, according to a recent Herron Todd White (HTW) residential report.
“In the entry or lower markets, we are seeing most buyers looking for good bones they can add value to,” the valuation firm stated.
The HTW report notes there is a real chance of capital growth, which first home buyers may capitalise on.
This market segment is traditionally around the sub-$300,000 and has been very active, the firm said.
For this amount, you are buying older style lowset and highset dwellings in traditional suburbs such as South Mackay, North Mackay, East Mackay and West
Mackay,” the valuation firm noted.
A three bedroom cottage at 17 Paulette Street, West Mackay (pictured below) has recently been sold for $325,000.
Nestled on an 814 square metre allotment, the home comprises three bedrooms, sunroom, kitchen, and bathroom.
It last sold for in 2009 for $310,000.
For upgraders in the middle market, location becomes a big factor according to the HTW report.
Good quality executive estates are becoming more and more popular with the bounce back in the market.
“The market is now starting to really differentiate between good quality estates and other slightly less quality estates that have a percentage of investment stock,” the valuation firm said.
“These dwellings are normally large rendered masonry four bedroom, two bathroom dwellings, with prices that start at $500,000.”
The high end market has two definite fundamentals, being location and quality of improvements.
In the location group, areas that have excellent views or frontage to water are sought after and often have older-style improvements but command a premium for the location aspects.
On the improvements side, we are seeing
prestige estates becoming more popular, with very large prestige dwellings being constructed with extensive ancillary improvements. Both these sectors start at $800,000 and above.”
beachfront home at 4/3 Mango Avenue, Eimeo (pictured below) has been listed for sale with $1.3 million hopes.
Set on a 500 square metre block, the home comprises three bedrooms, open plan living areas, timber kitchen, and rumpus room.
Other features include alfresco dining area, lap pool, high ceilings, and led lighting.