Well, that break didn’t last long enough and being back at work doesn’t really feel any different from when we left.
2023 in real estate was what I would describe as a very consistent market of low stock numbers in both houses for sale and for rent. Whilst we understand this hasn’t helped some buyers and tenants, the majority of regional centres across Australia have seen the same trend regardless of rate hikes and potential for more this year.
We saw continued numbers of people move to Mackay and we saw an increase in house prices maintained through a lack of stock. Everyone is talking positively around our region again as buyer’s agents and investors from down south have ramped up their interest given the fabulous rent returns and positivity for the future.
If it is any indication of things to come in 2024, in our first week of January we have had over 250 groups through properties, which is a number bigger than we had in the first week of December last year in the lead up to Christmas.
It’s certainly a strange market, but when people have nowhere to go to buy, they typically don’t sell, and this makes the market continue to be very tight and competitive. Last year and the first week of this year, we met buyers who have been watching the market and waiting for it to go down, believing that in the short term it cannot continue.
In January 2023, the median sale price for a house (realestate.com data) was $419,000 and by December it was $490,000 which means for those who waited for a drop, the value went up approx. $70,000 over this time. They either rented or lived at home, but inadvertently missed the opportunity to buy at a better price or gain equity over this time. I wouldn’t wait again this year if all indications are that it will continue this year.
Feel confident in knowing lots of people are buying and moving to Mackay, there is real stability in our economy, and we live in one of the most beautiful places on the east coast.
I may be biased but I have enjoyed everything it offers for close to 50 years and wouldn’t live anywhere else.
Ben Chick
Director, Explore Property
