More to Mackay economy than mining says Matusik
September 27, 2013
Mackay is more than just a mining town.
That’s the clear message being delivered to investors by revered independent property analyst Michael Matusik.
The comment comes after a significant downturn was recorded in the Queensland resources sector throughout the 2012-13 financial year.
Mr Matusik said while a lot of hype was being generated around the figures, property investors did not have cause for concern and should look at the big picture when considering entering the Mackay property market.
“Mackay’s economy is worth around $17 billion and boasts solid economic fundamentals; outside of mining, it is also driven by a diverse range of industries including tourism and agriculture,” Mr Matusik said.
“While many outsiders only think of Mackay as Australia’s coal capital, the fact is the area also exports a substantial amount of sugar, beef and grain each year.”
“What’s more, strong population growth is forecast in the region and there are a number of infrastructure projects already underway, which are generally regarded as good conditions for investors.”
Mr Matusik said Mackay had the potential to grow existing areas of the economy and build new economic drivers.
“It’s conceivable that the tourism and marine industries will expand in future years, fuelling economic growth,” Mr Matusik said.
“It’s also fair to say that mining won’t be removed from the mix altogether.”
“Granted, the resources sector has slowed, but the industry is currently moving from an investment to export phase, which should have positive effects on the economy in the longer term.”
These sentiments echo that of Deloitte Access Economics analyst Ian Harper who recently asserted that while the Queensland economy has been experiencing short-term pain, it is now showing signs of recovery, with the export phase expected to last for decades.
Reed Property Group Sales and Marketing Manager Jason Kollanyi said the group, which is currently developing the Rivermarque project in Mackay, was so confident the region would continue to grow and rental demand would remain strong, that the company was offering a rental guarantee of seven per cent for five years to Rivermarque purchasers.
“Looking at the current market, the region’s strong economic drivers and the projected population growth, yields of up to nine per cent net per annum have been forecast,” Mr Kollanyi said.
Overlooking the Pioneer River and bustling city centre, Rivermarque has been popular due to its close proximity to all manner of amenities and lifestyle offerings, including retail, schools, health and dining options.
The development offers a mix of studios, one and two-bedroom apartments and two bedroom dual-key apartments, which are all approved for use as short or long-term accommodation.
Rivermarque apartment homes are available for purchase now, with construction due for completion in mid-2014. Studios start from $271,000, one-bedroom apartments are priced from $299,000 and two-bedroom apartments are available from $430,000.
The Rivermarque sales office is open by appointment only; please call 1300 739 329 for residential enquiries.
For more information, visit www.rivermarque.com.au.
Media contact: Maya Gurry – Fresh PR & Marketing
P: 0410 109 102 E: maya@freshprm.com.au
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