Mackay market bounces back

The Mackay housing market is now showing positive signs of a sustained revival following a lengthy period of subdued buyer activity.

The Mackay median house price increased by 5.6 per cent over the June quarter to $340,000 and is now 7.7 percent higher than that recorded over June 2016.

Although growth has resumed recently, the median house price remains 22.7 per cent lower than the previous peak of $440,000 recorded over the September quarter 2012, nearly 5 years ago.

The recent stronger performance by the Mackay market contrast with the other central and northern QLD regional markets of Townsville, Gladstone and Rockhampton where house price growth remains flat or is continuing to fall.

The Mackay rental market has also stabilised recently following a lengthy period of falling rents with June quarter house and unit rents steady over the past year at $300 per week and $210 per week respectively. An improved performance from the local rental market also reflects a sharp decline in vacancies over the past year.

The Mackay economy has also improved recently which is a key ingredient of the local housing market revival. The ABS June unemployment rate in the Mackay region has fallen from 4.7 per cent to 3.9 over the past year with 9450 extra jobs created. Mackay also now has the lowest jobless rate of all the major QLD central and northern regions.

Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn and Facebook at MyHousingMarket