The slump is over and prices are on the rise Mount Isa

SOLD: Sam Brisbane was happy with his purchase of property recently. Photo: Supplied

SOLD: Sam Brisbane was happy with his purchase of property recently. Photo: Supplied

After Glencore’s threat to close its copper operations last year in April the real estate market nearly slumped to an all time low, however according to a local real estate agent the prices are set to rise by mid 2018.

Principal and Licensee, Sherrie Tuppurainen said according to sales statistics sourced from Pricefinder the market is finding its feet again.

“There has been a very positive move with buyers from interstate purchasing investment properties and people moving here from the coast to purchase residential property,” Ms Tuppurainen said.

“Traditionally more sales drive the prices up in the market.”

The data showed the average house price from January 2017- January 2018 was $245,000 with the top three suburbs to buy Parkside, Sunset and Soldiers Hill.

Winston trumped the suburbs median sale price of a residential property at $400,000 with Healy and Happy Valley at $325,000.

“We have seen a 10% increase in residential house sales from the previous year and the exciting news is the purchase of units had nearly doubled,” Ms Tuppurainen said.

Ms Tuppurainen said owners are being more realistic and competitive with their house prices to achieve selling success.

“There has been a pattern of multiple buyers looking to buy houses at the lower end of the price spectrum which is exciting news, it shows confidence is returning and the slump is well and truly over.”

The average price for unit properties in Mount Isa for 2017-2018 was $110,000

Ms Tuppurainen said a noticeable increase in families moving to Mount Isa had seen the application for rental properties drop to six percent when previously it was sitting at 15%.