Land price increases by 221.9%
THOSE who invested in land a decade ago should be smiling, as the price of land in Mackay has increased by 221.9% in the past 10 years.
The Real Estate Institute of Queensland (REIQ) has revealed the median price of vacant land (all sizes) in the Local Government Area (LGA) has increased to $189,900.
In 2002, the median price of vacant land under 2400sq m in Mackay was $58,000 - in 2012, that price had jumped to $188,000 - increasing by 3.9% since 2011 and a whopping 224.1% since 2002.
For land over 2400sq m, buyers could pick up a bargain in 2002 with a median price of $71,000 - 10 years later this price has increased by 283.8% to $272,500.
In 2012, the REIQ data found the most expensive suburbs to buy land were Richmond, Rural View, Beaconsfield and Bakers Creek - with median sale prices all over $200,000.
The least expensive suburbs were Mount Pleasant, Mirani, Armstrong Beach, Andergrove and Marian - with median prices all under $163,000. Data is subject to revision as sales are made.
REIQ Mackay zone chairwoman Sally Richards said buyers should be ready to cough up at least $200,000 for a decent-sized block.
"They go down to 400sq m - some of the blocks, the price is according to the size," she said.
Ms Richards said there had always been a shortage of affordable land in Mackay.
"We haven't really had an over-supply in quite some time now," she said.
"There has been some new releases but they have been snapped up and a lot of builders from down south have actually been buying ... to build investment homes.
"We do need the housing - because there is a shortage of affordable housing ."Ms Richards said the costs involved with building often came as a shock.
"It can be quite expensive to build in Mackay because we've got a shortage of tradespeople - so it is more expensive to build in Mackay than it is down in Brisbane."
However Ms Richards said buying was still affordable compared to renting.
- Richmond $244,500
- Rural View $211,000
- Beaconsfield $206,500
- Bakers Ck $205,000
- Ooralea $196,438
- Mt Pleasant $140,000
- Mirani $148,000
- Armstrong Beach $150,000
- Andergrove $156,000
- Marian $163,000