The Mackay property market has stabilised and will benefit from the announcement of major mining projects in the Galilee Basin, stakeholders in the region have claimed.
Trinity Property Consultants, the developers behind a new master-planned community in the area, said mining activity is on the up again in the region, with the Queensland government approving the $16 billion Adani Group Carmichael Mine project, which includes construction of a $2.2 billion rail line to link the pit to port.
Carmichael would be Australia’s largest thermal coal mine and, combined with rail and port operations, is tipped to provide more than 10,000 direct and indirect jobs alongside supply opportunities for local businesses over 60 years, the group said.
State and federal approval has also been given to GVK-Hancock Coal’s Alpha Coal and Kevin’s Corner projects, Waratah Coal’s Galilee Coal Project, and the AMCI and Bandanna Energy’s South Galilee Coal Project.
REIQ zone chairman for Mackay, Peter McFarlane, said the local property market had turned the corner and was well on the way to recovery.
“Economic indicators are signalling a levelling-out of the Mackay region real estate market,” he said. “We have the lowest interest rates in decades, which presents an excellent opportunity for buyers to get into the marketplace.
“There are huge mining projects coming to the Galilee Basin, and Mackay has a very big industrial sector and is in the ideal situation to service the development of those projects.
“The mining projects will bring an increased demand for housing and accommodation, as Mackay will be a base and a step-off point for workers.
“There is a lot of money being invested and infrastructure being built around Mackay by forward-thinking people who can see we are going to be the service hub for this huge mining development.
“The Mackay council and business community is working to accelerate that.”
Trinity Property Consultants’ Jim Relph said Mackay is set to become the “engine room for the Queensland economy”.
“Mackay is ideally situated to supply workers and industry services to all of these projects for the entirety of their duration, with great economic benefit to the city,” Mr Relph said.
“Mackay has historically been the service hub of the surrounding regions, including the Galilee Basin and Bowen Basin, providing a solid base for the region’s strong local economy.
“This is a sturdy foundation on which the Mackay city and the region can continue to build, with these major new mining projects providing more local opportunities for growth into the future.”
In December, MPM Property said the Mackay property market was set to be a beneficiary of the rollout of the National Broadband Network (NBN), with the company predicting the infrastructure upgrade would attract quality tenants and drive prices higher.