Mackay earning more and spending more
May 31, 2013
Mackay has received its latest property report card and it reads well for investors looking to buy into an established market.
The report compiled by PRD Nationwide shows that for the 10th consecutive year, overall sales in the Mackay area have increased.
Statistics also prove Mackay is becoming wealthier. Data compiled by the Australian Tax Office released last month showed that in 2010-11, Mackay’s total taxable income was $2.849 billion, the highest amount for any post code in the state. *
Reed Property Group’s Jason Kollanyi said the salaries of Mackay workers have been rising on the back of the resources boom and investors have been snapping up bricks and mortar to capitalise on the rising income of local renters.
“All indicators show the region has good capital growth. A lot of money is being poured into infrastructure, the population is growing and there’s a limited housing supply,” Mr Kollanyi said.
PRD Nationwide’s quarterly report states that for the last two years, median rents for the Mackay local government area have risen across all dwelling types.
According to the data, from December 2011 to December 2012, the median rental price for one bedroom apartments jumped $20 per week to $280, two bedroom apartments rented $30 per week more at $360 and the cost of three bedroom apartments went up $15 to $475. This was after similar rises the previous year. **
Reed’s Jason Kollanyi said this was in line with their predicted returns for investors buying at Rivermarque Apartments, a new development situated in the heart of Mackay’s CBD.
“We can guarantee returns of seven per cent for five years at to buyers at Rivermarque,” Mr Kollanyi said.
Studios start from $271,000 and the remaining one-bedroom apartments are priced from $304,500, with the two bedrooms from $391,500. Construction is due for completion in mid-2014.
For more information on Rivermarque, visit www.mackayrivermarque.com.au.
*24.04.2013, Australian Taxation Office, Taxation statistics 2010-11, Individuals Tax, Table 6: Selected items by state/territory and postcode, 2010-11 income year, http://www.ato.gov.au/corporate/content.aspxmenuid=49810&doc=/content/00345977.htm&page=8#P175_7617
**Research Analyst Matt Ballam, PRD Nationwide, Mackay Area Property Watch, First Quarter 2013,
http://www.prdnationwidemackay.ca.com.au/weblinks/MackayAreaPropertyWatch2013Q1.pdf
Ends.
Media contact: Maya Gurry – Fresh PR & Marketing
P: 0410 109 102 E: maya@freshprm.com.au
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