News

Stability has returned to the housing market (Less Price Increases & More Product Availability) after the rapid price increases and supply chain issues that have been normal over the Covid years.

Construction Cost Increases are Moderating.

Covid-19, a shortage of labour, and material supply chain issues had a huge impact on build costs. Recently, many supplies have gone back to their pre-pandemic pricing. Builders are not seeing the dramatic rises seen in 2022 which is good news for new construction contracts.

Supply Chain Improvements

Supply chain issues are resolving, with materials and products becoming much more available. This transition is welcome news to builders and their clients.

Interest rates hikes expected to stabilise and even decrease

Although the Reserve Bank of Australia has been steadily raising the cash rate for the past 2 years, it appears that we are approaching the peak. Banks like NAB are even forecasting a modest decline in the cash rate in 2024.

Land in Mackay is Affordable

Land in Mackay remains very affordable. According to research by the UDIA, the median land price in Mackay, Townsville and Rockhampton starkly compares with median land sale prices in non-oceanside SEQ localities such as Ipswich ($290,000) and Logan ($350,000). Median land sale prices in oceanside SEQ localities such as Moreton Bay ($509,500) and elsewhere are much higher again.

Resale Values Hold-Up Are Strong

The supply of existing homes on the market has been decreasing, strengthening demand. Along with demand, sale values of existing homes in Mackay also continues to increase, especially in the Richmond Hills and Shoal Point estate areas.