What do others think? I am noticing better priced property in Mackay to Gladstone at present as it appears that a lot of property spruikers have loaded on the fat into Gladstone properties in prep of an impending boom; in contrast Mackay appears a better bet at present given incredibly low rental vacancy rates, long term stable econonic prospects ;significant mining projects on the go and broad infrastructure etc
Mackay is lookiing like a better investment proposition to Gladstone at present
- Thread starter rchad
- Start date
interesting question. Both are towns i am heavily invested in so i am interested in others opinions.
Mackay boomed well before gladstone's most recent boom and has not moved upward for a long time. Will be interesting to see what happens.
Personally i think Gladstone short term 2-4 years will far outperform Mackay but long term 15-20 years it may be the other way around.
i bought a few places in mackay in 2004 before the last boom with development potential and have been waiting for the next upswing to come through, hopefully it is not too far away
cheers bt
BT, I think you may be right when looking long term into Mackay's growth, there are a large number of projects on the horizon that should increase the number of workers moving to the area and the amount of $ that's being spent in the region.
Add these to the Hay Point expansion and a number of new mines popping up in the Bowen Basin as well as possible flow on effect from the Galilee Basin then Mackay should continue it's steady growth.
There are some pretty good bargains (IMO) that have come onto the market lately - decent 3br brick houses in good suburbs out of flood area for around the $300k mark that would get close to $400pw with a slight cosmetic reno.
I'm heading back up there again tomorrow so will have a little more of a look around - we're currently subdividing a block with the intention of building a house on each block - it's taking a little longer than planned - thanks to the the council. We started on the application just under 12 months ago.
BT, which areas are your potential developments in? There are some 1000m2+ high density blocks that have been popping up around the back of Milton St that a mate keeps forwarding through to me. 5+ townhouse dev't potential.
Will be interesting to see what happens to the market in a couple of years, not sure it'll boom in the way it went in the late 90's early-mid 2000's, but the figures work for us at the moment so will keep plugging away.
What are other's thoughts?
I think Toowoomba will also become interesting as they have announced the test drilling for coal mines less than 15k outside of Toowoomba, one to the North west and one to the South. There is still good bargains to be had and if it takes off like Mackay and Gladstone then there will be milage in buying. It is an established centre with good facilities so is more likely to perform than say Oakey etc which have mines near by but have not seen the same upswing.
Hi Icarus,
Mostly in Nth Mackay. Halves in a house and the block of land next door near the Gooseponds , we have a permit to do six or 8 can't remember exactly. Aim to do them before next boom so can time properly , probably sell them all.
Other are houses where you can sub-divide and build on the back. What a mate of mine did three times in last boom was move old Qld's on back and renovate both houses, he made $150-$200k on each project which X three in an 18 month period was pretty nice work.
Will be interested to hear ur feedback on the town when u come back online.
Personally i think it will move quickly once it goes but only increase 25-40% over a couple of years not the 100%+ that happened in 12 -18 months last time.
Just not sure when the trigger will be.
Cheers BT
BT and Ecarus - very informative and intersting; planning on flying to Mackay over next month to check things out for myself; keen on undertaking what you have done in the future (to date have invested in a traditional sense across multiple markets- H&L; apartments but keen to learn about small developments starting with duplex); keen to also hear others perspectives on this question of Mackay vs Gladstone for value for money in current market...
BT, nice area, there have been a couple of little developments pop up around The Goose Walk and Arcturus St over the last couple of years I've noticed - pretty sure that area was safe from floods too, it's on the high side of the gooseponds. I grew up around that area so know it pretty well. It's interesting how sometimes you have to leave a place to see it's full worth.
Had a quick scan of the available properties again yesterday and saw some of intrerest with possible subdivision potential - doing the same thing your mate did (splitting the block - but we have to build at the back) currently in Toowoomba, which is pretty ironic considering Mrsdawnrazor's post. The other block we're splitting is in Andergrove, just down from the Wollies there.
Just waiting for the gf to wake up then I'll get on the road.
