Rent skyrockets in Queensland town
The weekly median rental price in Mt Isa has increased by a massive 22 per cent over the past two years, according to PRDnationwide research.
PRDnationwide Research Director, Aaron Maskrey, said the weekly median rental price in Mount Isa is now $550 p/w, due to a largely transient population that has contributed to a growth rate of 3.1 per cent per annum over the past five years (compared to the nation's growth of 1.6 per cent per annum.)
"Mount Isa has now become the administrative, commercial and industrial centre for the state's large north-western region," Mr Maskrey said.
"There are currently approximately six operational mines in the north-west region, producing lead, silver, copper and zinc with a further 62 locations of known mineral deposits.
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"The recent overturn from the Queensland State Government on uranium mining should allow for an economic boost to the local economy. To date there are approximately 12 known deposits of uranium within the region," he said.
Mr Maskrey said the influence of the local mining industry on the property market has been significant.
He said, over the past decade houses within the Mount Isa Local Government Area have experienced exceptional growth of 12.4 per cent per annum.
"The Mount Isa rental market has also seen substantial growth in the median weekly rental price, which is unsurprising given the large proportion of renters. In Mount Isa, rentals account for 43.4 per cent of total dwellings, while the Australian portion of renters amounts to just under a third of the market," Mr Maskrey said.
