First time home buyers and property investors are being urged to buy now, due to a decrease in housing prices.
For buyers stepping into the market, competition is fierce as property sales across Mount Isa have more than doubled in the last 12 months due to lower market prices.
Principal and licensee of Jays Real Estate, Sophie Keily, said sales were low in 2016 due to uncertainty of the market and transitional period, but this year buyers had sprung into action with prices continuing to ease.
“Prices are considerably lower, so the time to buy now,” Ms Keily said.
“Buyers can step into the market in a two bedroom for as little as $100,000 to $120,000 or a three bedroom basic for $150,000 to $180,000. There is something available for everyone’s budget.
Ms Keily said there was a flurry of activity with renters looking for an opportunity to step into the market.
“A weekly average for a two bedroom townhouse would be around $280, and a three bedroom home could be anywhere from $280 to $350 a week,” she said.
“Rent has come down a bit, but sale prices have lowered also, so if first time buyers could get a loan- they could potentially pay less than what they would if renting.
“This is a good time of year as leases are starting to come up and tenants who have been sitting and watching the market are expected to make the move early next year.”
Compared to last year’s property prices, the market dropped substantially and is by far the lowest it has been compared to previous years.
“At the moment locals, businesses and home owners are feeling the positive vibe throughout the town and we are starting to see buyers gain the confidence to buy into the market,” Ms Keily said
“We only have about 180 rental vacancies on realestate.com so if commodity prices rise, a new mine opens, Dugald River stops the fly in and out, or there is more expansion to the copper or zinc it won’t take much for us to have a shortage of rental properties and sale prices will increase.
“Buyers can’t go wrong. If locals have the confidence to step into the market now, they will benefit in a few years.”