More bang for your $500,000 property wish in Queensland’s Mackay in 12 years: HTW

To figure out how far the ‘lazy half-million’ can get you in the residential property market, valuation firm Herron Todd White liberally compares their readings from a year back in their July residential market report on housing for under $500,000.

“Last year we stated that you would get a lot more bang for your buck than the year before and 12 months later you can now get even more! If you are a glass half empty type, then the Mackay market has seen significant falls in value on the back of the mining downturn in the Bowen Basin. Values across the board are down 15% and fast approaching 20%," write HTW in their July 2016 residential market report.

“However, if you are a glass half full type, then the current market presents some of the best buying opportunities seen in Mackay in almost ten years. The big question is has the market hit bottom? Unfortunately that is a bit tricky to establish at present and only time will tell," it adds.

“Unfortunately, the verdict 12 months on is that we have not hit the bottom, with values falling further in the past 12 months. So the lazy half million will get you even more bang for your buck than seen in almost 12 years.” 

For $500,000, one can get a large executive-style rendered dwelling around 10 years old or younger with shed and pool in the northern beaches, with some change still in the back pocket, say HTW.

“In the better quality estates in the north, you can now get good quality brand new dwellings from most of the builders in Mackay for under the $500,000 mark.” 

In the traditional older suburbs south of Mackay, there have been very limited sales of older style Queenslanders over the $500,000 mark. It is considered that you can get a fully renovated large Queenslander for this price point now. 

Again this statement from last year still holds true today. “The big question is has the market hit bottom? Unfortunately that is a bit tricky to establish at present and only time will tell.” 

Property Observer found a three-bedroom apartment with ocean views at 26/4 Nelson Street, Mackay, Qld 4740 (above) that recently exchanged hands for $420,000.