COVID-19 sees Mackay house prices soar
You wouldn't think that during a worldwide pandemic, Mackay's house prices would spike, but they have.
A new report from REA Group shows Mackay house prices have increased by five per cent.
Its 2021 outlook report shows a combination of low interest rates, government stimulus (such as the HomeBuilder grant), and increased consumer savings have all contributed to boosting the property market.
Real Estate Economist and author of the report Nerida Conisbee says that's despite Australia experiencing its worst economic downturn, since the Great Depression.
"Queensland has really done well through the pandemic, primarily because COVID cases have remained low and the economy has done really well."
"As a result there has been higher levels of population movement than probably otherwise would have occurred," Ms Conisbee says.
But Ms Conisbee has warned it may not last long.
"In 2021, it is likely people will be called back into the office at some stage, so it is likely that some of the more far-flung regional areas won't do quite as well as they did in 2020," she says.