Mackay’s median house price increases during 2020

THE median house price in Mackay increased during 2020 despite many conservative predictions of property price falls as a result of COVID-19.

According to Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella, Queensland’s real estate market continues to defy such predictions.

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“Queensland’s residential property market continues to show remarkably stable results, with the first full quarterly COVID-19 property price report giving Queenslanders a comprehensive look at how the pandemic has affected our State’s housing market.”

According to CoreLogic’s latest data for the April-June 2020 quarter, Mackay recorded the highest annual median house price hikes for the state (5.9%).

Mackay recorded a flat median house price of $400,000 over the period, a price only about 5.0% off its figure from five years ago.

Meanwhile, CoreLogic data shows solid market conditions have yet to positively impact Mackay’s unit sector.

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The median unit price over the quarter was $222,000, down -2.2% during that period and over the year, -28.5% below its level five years ago, which is a fall of more than $80,000.

However, according to REIQ, Mackay’s current low median unit price is now the most affordable of all major regions, which is likely to become attractive to bargain hunters in the times ahead.