Is there a particular reason you are looking into this market over other areas? According to Domain a standard 3 bedder in Mackay is around 300k. If this is your budget you may find a range of other areas across the country at this price point.
Not any particular reason except vacancy rate is very low and getting a 3 beds in mid 3's . Have tried many other regions but nothing is basically achievable as they all getting asking price means higher price what property doesn't deserve.
Withou Without even doing any research, I know there's lots of areas across the country that fits the criterior of a 3 bedder in mid 3's or less. And what makes you think the prices are higher than what they deserve?
Fair enough. I am sure you would be able to find properties in Ipswich and Logan for under 350k just in QLD. Alternatively, you could look at Adelaide or Perth for that price point also. I don't have much feedback on Mackay but just trying to highlight there are other areas at that price point around the country.
Online property valuation n valuation from broker is no where close to what they were asking. So broker wouldn't let me take a chance for the fear of loan declination on valuation basis. Any particular area U want to mention so that I can have a look. Thanks
Like @Branden above mentioned, there's other parts of Qld, Adelaide, Perth & I'll add Gippsland in Vic. I've got one there with a long term good tenant that I'll be selling in the near future. Under $300k. Rent is under market at the moment, thanks to Dan & his monotoriums, and only being able to put it up every 12 months instead of 6, so good scope for improvement.
I am local. Mackay is street to street dependent not suburb to suburb. North Mackay fits this. If you're interstate I'd suggest getting local knowledge. It isn't somewhere you'd want to jump in blind. Rents are very high atm (as is demand for both renting/buying). Focus on family friendly, large blocks, sheds, backyards, side access etc and there'll always be underlying demand from locals.
After a few replies to my questions about Mackay property a few months ago, I spent a few days in the area and had a good look around. I was focusing on lower end of the market with a larger than average block size. Picked up a 4 br place in Andergrove on a 1/4 acre, total spend (inc. basic reno) $270k - now renting at $380pw. Even with a higher insurance cost (approx $1800pa) it's still CF+. The new Coles development less than 1km away was the deciding factor. I did look at a place in North Mackay while I was there, but it needed a little too much work to get it up to scratch - it's a nice suburb though, just watch lower lying areas as there may be overland flow in a heavy downpour.
Thanks for Ur insight. I was exactly looking for the same and had hands on a property similar like it's bit new newer probably but in current hot market around the country ,owner is expecting too much for what it will not be worth after all calculations n CG. So m still in the market. Heaps thanks
You are absolutely right. That's why I am taking my time and not jumping too quick . But local knowledge getting from you guys is a big help. Thanks heaps
