Mount Isa home sales and rental trends
2023 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 houses in Mount Isa is currently around $300,000 for houses and $238,000 for units. These prices obviously vary depending on the size and characteristics of the home.
Unlike many real estate markets across Australia in recent years, home selling prices in the Mount Isa real estate market have remained fairly steady.
If you’re looking to buy in Mt Isa, you can view our current range of Mt Isa home sale listings here.
Average weekly rent
SQM research data shows that the average weekly rent in Mount Isa is currently around $450 for houses and $260 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 only increased slightly 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.
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 6% for units. These yields have been consistent for several years.
Mount Isa demographics
According to the most recent Census data:
- the median age of Mount Isa residents is 31 (a much younger average than the overall Queensland and Australian populations).
- the median household income is $2,231 per week (higher than the overall Queensland and Australian populations, thanks largely to the mining industry).
- the median monthly mortgage repayment for Mount Isa home buyers is $1,536 (much lower than the Queensland and Australian averages, thanks to our affordable range of properties).
- three-quarters of Mount Isa residents live in standalone houses. Most have 3 bedrooms or more.
- nearly half of Mount Isa’s residents rent their accommodation, due largely to the more transient nature of workers in the mining industry.
You can read more about Mount Isa’s demographics here.
The bottom line
Mount Isa is a fairly stable property market for home buyers, sellers, landlords and tenants, so you can invest in the market at any time with confidence.
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.