Mount Isa and Mudgee rents rocket 25% over past year: 15 double-digit rental growth locations

Mount Isa and Mudgee rents rocket 25% over past year: 15 double-digit rental growth locations
Mount Isa and Mudgee rents rocket 25% over past year: 15 double-digit rental growth locations

The remote Queensland mining town of Mount Isa and the agriculturally rich NSW country town of Mudgee have both managed rental growth of around 25% over the past year, according to July figures from Residex.

Mount Isa is 1,800 kilometres north west of Brisbane and adjacent to mining giant Xstrata’s underground copper and zinc mining activities.

The less remote Mudgee is 270 kilometres north-west of Sydney, in the fertile Cudgegong River valley, and is well known as a wine-producing region, with around 40 wineries as well as other agricultural and livestock industries.

According to Residex, Mount Isa house rents increased by 25.4% over the year to July to a weekly median rent of $395.

In Mount Isa, this two-bedroom furnished unit (pictured below) is available for rent at $385 per week, with not much else available around the median and only 28 properties available to rent on realestate.com.au.

Rents for Mudgee houses increased by 24.2% over the year to July to a median of $385 per week.

Properties currently available for rent close to the median rent in Mudgee include this four-bedroom hardiplank-clad home (pictured below) set in an elevated position surrounded by 30 acres (12 hectares) of hilly country, asking $400 per week.

According to Resides the following 15 housing markets have managed double-digit rental growth over the year to July (the report includes some inner-city markets):


% rent increase over year to July

Median weekly rent

Mount Isa houses, Qld

25.4%

$395

Mudgee District houses, NSW

24.19%

$385

Mackay houses, Qld

21.43%

$510

Neutral Bay/Split houses, Sydney

20.8%

$1,335

Inner Perth houses

16.54%

$740

Parramatta & Hills houses, Sydney

15.63%

$555

Rockhampton house, Qld

14.49%

$395

Fremantle houses, Perth

14.29%

$520

Brisbane City houses

13.04%

$520

Lower north shore houses, Sydney

12.96%

$915

Western suburbs houses, Sydney

12.77%

$530

Geelong and surrounds houses, Vic

12.12%

$370

Glen Waverley houses, Melbourne

11.70%

$525

Albany Creek houses, Qld

10.59%

$470

Wynnum houses, Brisbane

10.34%

$480

Source: Residex regional market report, July 2012

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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