MACLEAY Island
ABOUT MACLEAY
Macleay Island has an approximate area of 6.47km² and an estimated population of 3,500 residence. (3,193 residents in the 2021 Census). It also incorporates Perulpa Island, which could be described as a small peninsular connected via a causeway on the islands northeast. Macleay has a variety of country types, from coastal Eucalypt forest with rich red volcanic soils to wallum forest and melaleuca wetlands.
The island is fringed with mangrove forest and tidal mudflats that provide a rich ecosystem for both invertebrate and vertebrate fauna. The fishing and crabbing can be spectacular. The island has many hidden sandy beaches on its' fringes.
As at December 2021 Macleay and Perulpa had 3,495 properties issued with valuations by the Department of Natural Resources and Mines. Of these approximately 1,558 have private dwellings constructed upon them. Approximately 797 are fully owned, with approximately 357 under mortgage and 357 rented permanently. Many of those permanently rental may also be subject to mortgages.
Of 144 sales that have settled in 2022, the average (median) price was $357,700. This represents a 23.3% increase from 2021.
In line with other locations, Macleay Island real estate took a hit during the Global Financial Crisis of 2008, bottoming out in mid-2011. Up until 2018-19 values remained fairly level, but in that time the Southern Moreton Bay Islands, including Macleay, saw a significant increase in both building activity and population. More and more people were starting to realize the benefits of Island life and Redland City Council were finally starting to pump money into much needed infrastructure. Then, finally the Banking sector began making investment into the Southern Bay Islands a little more realistic with less stringent loan to valuation ratios.
It was all going in the right direction until the onset of “Covid 19” around March 2020. Fast forward to the last quarter of 2020 and we saw a marked increase in value for the better situated real estate on Macleay Island. September 2020 through to around March/April 2022 the local market saw significant capital appreciation. Then, “in a bid to kerb inflation”, the Reserve Bank of Australia implemented a series of interest rate rises. Our benchmark property indicators show that whilst the heat has definitely come out of the market, there is little evidence of a reduction. Agents report a slight reduction in demand as buyers become more frugal with their money, however for the better quality real estate, especially water front, or that with water views, the demand remains strong.