Real estate market turns for mining town
After several years of mining downturn, the Mackay commercial property market has begun to recover, an industry expert explains.
According to Ray White Mackay City’s commercial property specialist, Fred Dubois, the real estate market is turning with the local economy.
“The local economy is now performing well with coal prices and output back to sustainable levels, large infrastructure projects are well underway, and our sugar industry has been revitalised by a recent acquisition,” Mr Dubois said.
Mr Durbois highlighted a strong price of coal is driving labour to the area, which is acting as a tailwind for the residential property market.
“Employment demand is back and has attracted interstate and South East Queensland migration,” he said.
“Fortunately, the COVID-19 pandemic has been kept under control in our region, and has not had much effect,” he said.
The real estate agent pointed out that the commercial market is also thriving.
“Driven by a high-performing local economy and an easing lending policy, the commercial real estate market has followed suit with a particular appetite for tenanted investment properties, industrial warehouses/workshops and residential development land,” he explained.
He told investors looking into the area that they have not missed out on a strong market rally.
“On top of increased activity, the prices are still affordable because we’re just coming out of a long mining downturn. All the lights are green, and the prices are reasonable.”
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