Mackay's housing market being described as ‘stable’
WE have hit the bottom.
Mackay's housing market, which was spiralling downwards with the mining slowdown, is now being described as "stable".
In January 2014 the Daily Mercury reported there were about 1660 houses listed online for the postcode of 4740, the same search now finds there are just over 1700.
Real Estate Institute of Queensland Mackay zone chairman Peter McFarlane doesn't believe the market will tumble any further.
"Our interpretations are we have reached a point of stability," Mr McFarlane said.
They say real estate comes in cycles, and Mr McFarlane said it was safe to say we had reached the bottom of this cycle.
"We don't believe it will be dropping any further, prices on the market will remain static for a period of time," he said.
"It's not good for investors, but it's perfect for first-time homebuyers."
The recent cut to a record low interest rate has sparked a surge of confidence for those looking to buy.
Phillips Mortgage Choice Mackay/Whitsundays owner Ben Phillips predicts more buyers will enter the market.
"If lenders do pass on the latest rate cut in full we could expect to see more and more potential homebuyers jump onto the property ladder as they look to take advantage of the historically low-rate environment," he said.
Mr McFarlane said the rate drop had already resulted in an increase in inquiries.
"People who are looking for a house will find that the repayments will be equal to, our lower than what they are paying in rent."
And those looking to buy are now spoilt for choice.
Looking online, the wider Mackay region, which includes the statistics within the 4740 postcode, has 2935 properties for sale.
Mr McFarlane said the movement on the market was among houses priced in the $300,000 to $350,000 bracket.
Median house prices
Median house prices, comparing the last three years (from RP Data)
- 2012 about $440,000
- 2013 about $430,000
- 2014 about $405,000