Mackay development hits 90% sold

March 10, 2014

As the construction of Rivermarque in Mackay hits a significant milestone this week with RCQ Construction erecting the roof on the eight-story building, the sales team is celebrating its own milestone with 90 per cent of the development now being sold.

Reed Property Group Sales and Marketing Manager Jason Kollanyi said the string of apartment sales in recent weeks could be attributed in part to the development’s location in the CBD and the solid foundations of the local economy.

“While the Mackay property market is now returning to more sustainable levels, savvy investors have recognised the long-term potential of Mackay and are looking for good value propositions like Rivermarque,” Mr Kollanyi said.

“The reality is that Mackay is a regional service centre and major port has always boasted strong economic fundamentals, with tourism, service sectors, manufacture and agriculture driving the economy long before coal mining activities commenced in nearby areas.”

“The local sugar, beef and grain industries continue to fuel the regional economy, the area is still drawing significant visitor numbers and there are still plenty of mining projects underway providing jobs for thousands of workers, so it’s no surprise the area continues to attract investor interest.”

Mr Kollanyi said the future of mining in Central Queensland was still bright.

“There are numerous coal mines currently operating that have a mine life of 20 years or more, ensuring there will be mass employment opportunities for many years to come,” Mr Kollanyi said.

“Adani Mining also currently has plans to develop the Carmichael Coal Mine and Rail Project which will have an operating life of roughly 90 years, so Mackay’s economy is very sustainable, particularly over the long term.”

“As the gateway to the Bowen and Galilee Basins’ rich coal deposits, there’s no doubt housing in Mackay will remain in demand over the coming decades.”

Mr Kollanyi said aside from Mackay’s four pillar economy, investor incentives were also partly responsible for the strong off-the-plan sales at the Rivermarque development.

“Sometimes, the best thing you can do is to put your money where your mouth is. At Reed Property Group, we have a lot of confidence in the Mackay market and the fact that we have designed a development that will meet end-user demand, so we’ve offered investors a five-year rental guarantee on dual-key apartments,” Mr Kollanyi said.

“This peace of mind has been very appealing to investors, and they’ve also been attracted by the yields of up to nine per cent per annum forecasted by the building manager Oaks Hotels and Resorts.”

“A number of Mackay locals who already recognise the area’s appeal have jumped on the opportunity and have been drawn to the one- and two-bedroom ensuite apartments in particular.”

“Many have also seen the development’s potential as a great place to live over the long term and have purchased apartments with the aim of being owner occupiers.”

On a broader scale, upgrades to local infrastructure have also been a positive sign for Mackay residents and investors, with the federal and state governments pledging to collectively provide approximately $8.5 billion towards upgrading the Bruce Highway.

“A substantial portion of the funds will be used to build a new ring road in Mackay that will improve accessibility in the area,” Mr Kollanyi said.

“Considering the number of local residents is expected to jump by over 20,000 to almost 190,000 by 2031, the new infrastructure will be integral in supporting the increase in population and better connecting Mackay with other major regional centres in Queensland like Townsville and Cairns.”

“The Mackay area is really forging ahead.”

The Rivermarque development is adjacent to the Pioneer River foreshores and boasts close proximity to the Canelands Regional shopping centre, retail outlets, schools, health and dining options.

Studio apartments start from $273,500, one-bedroom apartments are priced from $299,000 and two-bedroom apartments are available from $416,000, with some featuring water views. Reed Property Group is also offering a free furniture package to select units for a limited time.

If you’d like to find out more about the residential investment opportunities on offer at Rivermarque please contact Jo Booth on 1300 739 329 to arrange an appointment to meet in the newly opened display suite.

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Media contact: Maya Gurry – Fresh PR & Marketing
Mob: 0410 109 102 Email: maya@freshprm.com.au

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