There are reports that NAB has amended its credit policy specific for loans against properties in Mackay. Whereas the bank would have previously considered loan applications for amounts up to 95% of the security valuation NAB has apparently capped their exposure to 80%.
Mackay’s high reliance on the coal industry, the downturn in coal prices, and too much residential construction over recent years are the cause of Mackay’s depressed market.
Agriculture (refer sugar cane) and tourism (refer Whitsundays) do have a positive outlook. There are also a number of very large coal projects in central Queensland.
The yet-to-be-mined Galilee Basin has five large mines and infrastructure at different stages of their planning with a combined project value of $53 billion and potential for 30,000 jobs if they all proceed.
Mackay is subdued now however Propertyology believes that better times are ahead.
