The Mount Isa rental property market in 2024
With 2024 already well under way, it’s a great time to look at the current state of the Mt Isa rental property market. Read on to find out everything Mount Isa landlords and tenants need to know. Our team has all this information at our fingertips.
Market drivers
First of all, it’s important to understand that Mount Isa has a higher percentage of our population renting than many other locations around Australia. A lot of people come to Mount Isa to work for a short time because of the good money that can be made, and they rent while they are here.
According to the most recent Census figures, the median household income of Mount Isa residents is 33% higher than the Queensland average. In addition, more than 45% of Mount Isa residents live in rental accommodation. This is much higher than the average rental percentage across Queensland as a whole (33%).
Both of these factors help to ensure a healthy Mount Isa rental market.
Current Mount Isa rental prices
As you’d expect, current Mount Isa rent rates vary depending on the type and quality of the property. According to the latest available figures, the average weekly Mount Isa rents are about $450 for houses and $300 for units.
Four-bedroom houses are usually dearer than three-bedroom houses and vice versa. Similarly, two bedroom-units are usually dearer than one-bedroom apartments.
The average weekly rents on both houses and units in Mount Isa have risen by between 2 and 3% over the past 12 months.
Free-standing houses are the most common types of properties in Mount Isa, and most of these properties have decent-sized yards.
Mount Isa rental property listings in 2024
The latest figures show that the number of Mount Isa rental property listings has remained stable over the past year with just over 100 usually on the market at any one time. The majority of these properties have been on the market for less than 30 days.
If you’re looking for a Mt Isa rental property, you can search our current range of available listings here. And if you see something you like, it’s best to get in contact as soon as you can so you don’t miss out on it.
Mount Isa rental property vacancy rates in 2024
Rental property vacancy rates in Mount Isa are currently sitting at a relatively low 2%, and that rate has remained fairly constant over the past 12 months. It’s helping to drive strong rental yields.
Current Mount Isa rental yields for landlords
Gross rental yields (rental income expressed as a percentage of a property’s purchase price or its current market value) remain healthy for Mount Isa landlords. Houses have an average yield of just under 8%, while units are averaging just under 7%. These strong returns have been fairly consistent for the past few years and continue to make Mount Isa properties a solid investment.
The bottom line
Whether you’re a landlord or a tenant, the Mount Isa rental market is a fairly stable and healthy one. It’s likely to remain that way throughout 2024, so you can invest or rent with confidence. Mount Isa is a great place to live, work and invest.
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.