QLD Mackay

Hi All,
Just wondering if anyone has had success or is looking to invest in Mackay?
Apparently there's some evidence of population growth increasing and vacancy rates decreasing.
SQM Research
Population of Australia 2018

Any reasons for or against investing in Mackay?

 

My very limited sample of population found the 3 people who'd moved south to Brisvegas for work & education opportunities.

Look at the commercial vacancy rates to track employment growth.

 

I'd like to pick one up in Mackay once our PPR construction is finished. Do your own research but I personally believe Mackay, Rocky Townsville, Gladstone will all see strong growth in the coming couple of years.

 

And sporting opportunities!

pinkboy

 

In your opinion, what are the growth drivers for Gladstone and Mackay?

 

Much like Scott - In my very limited sample of Mack-Vegas growth, we've had 2 vacant blocks of land on the market for the last 3 years or so (in Andergrove) and received separate offers on both in the last month or two. Offers are well below asking price, but interesting that there's possible movement going on... Or just a few speculators, or simply coincidence.
Sample #2 - A mate recently listed a renovated Qlder cottage (South Mackay listed @$325k - rented @$375pw) and has had good numbers through the door during inspections.

I'd possibly buy in Mackay again if the numbers stacked up, but focusing more on Brisbane at present.

 

What is going on in Mackay @pinkboy? Both of our blocks are now under contract, we've had 5 separate offers within the last 2 months and have sold both for asking price. Glad we didn't jump at the first offers.

Things are quiet forever and a day and then boom, both sell within 2 weeks of each other. Is the tide turning?

 

mines have picked up. heaps of jobs out in the mines. lots of gear going out to the mines too. rental $ rates have risen too. i know of properties 12 months ago at 280 pw and now at 400 a week and rental vacancy rates have also significantly dropped too.

 

How's Mackay looking atm?

 

Looks like Mackay is out of the starting blocks again, or growing again at least. Ditto other parts of Central Queensland.

 

On the ground here. Certainly some good signs. Worried there is a lot of fluff pieces being written however. Confidence is creeping up, developers are turning soil again. There is however some very poor areas and a lot of useable land.
Short term value ad with decent yields - yes
long term solid CG - just can't see with limited fundamentals

 

I definitely wouldn't look for CG, high yield definitely though it seems atm

 

Wait until Brisbane is booming , then look , IMHO .

Cliff

 

This was my thoughts. We are in the process of settling on no.2 in Brisbane an continuing renting up here. Get some solid low risk options in the portfolio before taking on some risk and possibly a value ad up here once the rental market becomes tough.
I remember hearing a quote from 'propertyology' that for every one job created in the Bowen Basin there is 6 in Brisbane as a result.
Its a funny place up here however. Loaded miners with low IQs everywhere doing stupid things with their money. A bit more diverse than remote mining towns but still a big factor to consider.

 

Even then there isn't many quality properties with yields of 6%+. You can get similar yields with lower risk and better CG prospects in Brisbane IMO.

 

Are they building high rise in Mackay yet?

If that starts up then you need to be very, very careful.

 

I've seen a few medium rise buildings being built, seem to be having trouble selling them

 

None so far. Its a family orientated town I don't know why people think this product will do well long term.
Lego land estates starting up again. My bet is history will repeat itself.

 

Last cycle , lots of people ( including us ) on the forum did well in most of the Q'land Coastal towns . Bought early , made a profit and got out .

Helped pay for our PPOR in Sydney

Cliff

 

@See Change I think that's the key. Its not really a buy and hold place. More focused on trading within the cycles. Doesn't suit me.. yet..