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October 2008
According to Real Estate Institute of Queensland data, Mackay’s vacancy rate has slipped to 0.2 percent increasing competition between existing renters and recently arrived new lessees. There will be an expected increase of some 15,000 new workers over the coming years as mines are expanded and new mines become operational.
Mackay-Whitsunday Regional Economic Development Corporation (MWREDC) figures show that the gap between the least and most expensive properties in the region has halved from $141,500 to $70,000 over the past twelve months. The combination of low rental vacancies and high house prices continues to raise questions about housing the additional 48,000 people who will be drawn to the area as mining expands over the next eight years.
However, mining employment is no guarantee of housing stability as 205 BHP Mitsubishi Alliance Saraji Mine contract workers earning between $90,000 and $100,000 a year discovered when notified at lunch time (30th September, 2008) that their contracts had been terminated without notice. It has been reported that many are now leaving contractor owned properties around Dysart in search of employment elsewhere within the Bowen Basin.
In response to the shortage, the Mackay Regional Council has taken steps towards establishing its own Mackay Affordable Housing Company to tender for and manage properties under the National Rental Affordability Scheme. The company may also manage properties built as part of the Queensland Affordable Housing Consortium, led by QCHC. According to reports, the council is also exploring purchasing its 51 Department of Housing owned social houses and managing them through the new company.
According to material presented to Federal Housing Minister Tanya Plibersek by Council during her recent visit, Mackay is now Australia’s sixth least affordable regional city with an average home price of $386,500 while a mining inflated average wage in the area can only maintain a mortgage of a little over $210,000 without experiencing housing stress.
The branch looks forward to meeting with members of the Council’s Housing Affordability Taskforce and discussing ways in which they can support the provision of affordable housing within the region.
The branch looks forward to discussing plans for affordable and social housing provision as part of the Urban Land Development Authority Mackay Showgrounds redevelopment.
