Not all of the foreclosed properties affected by redundancies at the mines in recent years reached the sale process until this year, keeping the median price for a three bedroom house in Mount Isa to around $250,000.  

City and Country Realty principal John Tully said there is movement happening with the houses selling around the $400,000 mark, but that most of the sales are from liquidated properties further below that price.

“These young people are getting them and doing them up, if you want to take a positive out of a negative,” Mr Tully said. 

Another trend in property is happening in industrial rentals. “That means new businesses are coming to town,” he said. 

“Industrial rental is moving. Even shops in Miles Street that were vacant aren’t vacant anymore, which is what we want. 

“When businesses come to town they are the ones employing people and bringing people to town.

“Once they get down to a low percentage of vacancies people will start looking at buying again.” 

Jays Real Estate’s principal Sophie Keily said there was money to be made in local property, but that it came down to timing.

Some owners affected by Glencore redundancies in recent years had bought during the peak, which had led to the mortgagee sales. 

“Some of these (properties) were taken back by the banks from a few years back. It takes time for that to happen, they are flowing in still,” Mrs Keily said. 

“I thought we had seen the last of those, but we haven’t.” 

The low prices had opened the market to people outside of the mining industry, who were buying. “Prices are at a point where they can see that,” Mrs Keily said. 

She had seen more contract work in Mount Isa recently.

“This year we have seen a lot of people renting being put back at the mines as well, which is positive because there was none of that last year.”