Mid-year Mount Isa home sales and leasing report
2024 is already more than half over, so it’s a good time to look at home selling and leasing trends in our market. Our residential team at Jays Real Estate deals with Mount Isa home sellers, buyers, landlords and tenants every day. Read on to find out what you need to know.
Home sale listing prices
The average listing price for homes in Mount Isa is currently around $308,000 for houses and $217,000 for units. These prices obviously vary depending on the size and characteristics of each home. House prices have increased by nearly 3% over the last 12 months, while unit prices have fallen by about 8%.
If you’re looking to buy residential property in Mt Isa as either an owner-occupier or investor, then you can view our current range of Mt Isa home sale listings here.
Or if you would like to find out about listing your Mount Isa property for sale with us, you can get in touch with us here, and you can view our recent sales here.
Average weekly rent
SQM research data shows that the average weekly rent in Mount Isa is currently around $455 for houses and $270 for units. Once again, rents vary depending on the size and characteristics of the home.
Unlike home rental prices in many real estate markets across Australia in recent years, average Mt Isa rental prices have remained fairly steady over the past few years.
If you’re looking to rent in Mt Isa, you can view our current range of rental property listings here.
Or if you are a landlord and would like to find out about how we can source tenants for you and manage your Mount Isa property, you can get in touch with us here. You can also view our recently leased properties here.
Rental property vacancy rates and rental yields
The latest figures from SQM show that vacancy rates in Mount Isa are low at around 2%, but they are slightly up from the record lows of mid-2020. Most rental properties are only on the market for less than 30 days before being snapped up by tenants.
Rental yields for landlords are healthy at around 8% for houses and just over 6% for units. These yields have been consistent for several years.
The future of Mount Isa’s economy
The residential Mount Isa property market will be influenced by economic developments. The Mount Isa City Council is currently preparing an economic response plan to Glencore’s decision announced last year to close its copper mining operation in 2025. It’s important to understand that Glencore’s Mount Isa copper smelter, George Fisher Mine, lead zinc concentrator and lead smelter will all remain operational.
The Council’s economic response plan will focus on six key areas:
- Tourism
- Energy
- Resources
- Critical infrastructure
- Agriculture
- Small and medium-sized businesses.
Projects that may be accelerated as part of the economic response plan include:
- The CopperString high-voltage powerline project
- The proposed transport and logistics centre
- A common-user facility for critical minerals to process vanadium, cobalt, and low-volume copper
- A renewable-energy industrial estate.
All of these projects have the potential to create employment and generate associated demand for Mount Isa residential property in both the owner-occupier and leasing markets. Council’s economic response plan will be outlined in more detail soon.
About us
Jays Real Estate has been Mount Isa’s premier residential and commercial real estate agency since 1981.
If you’re thinking about buying, selling, renting or leasing any Mt Isa property, or you need your property professionally managed, then contact our team today for an obligation-free chat!
We’d be happy to provide you with advice and to answer any property questions you have.