Property values in Mount Isa buck regional trends felt elsewhere during 2022

According to SQM Research data, the downturn was felt most amongst Isa's house values which recorded a 4.2 per cent drop, falling to $310,016.

The city's unit prices recorded a similar fall of 3.5 per cent, reaching $238,405 in December 2022.

The same data showed that property prices in the Isa peaked at $326,813 in April and have steadily fallen since.

Vivid Realty principal agent Leesa Fanti said interest rate rises had mostly contributed to falling prices.

"If someone has got a deposit together and the bank will lend the money, they're definitely looking to buy around that average of $300,000 to $350,000," she said.

"Then you've got the other people that can't afford the high repayments, so they're looking around the $200,000 to $250,000 mark."

Property values elsewhere in regional Australia told a different tale throughout 2022, however, climbing by 3.3 per cent to a median value of $578,506 in December.

But with the typically busy spring selling season drawing to a close, the fastest interest rate tightening cycle since the 1990s is likely to keep forcing prices down across most of the country.

The Reserve Bank of Australia announced its eight rate hike of the year at its final board meeting for 2022, announcing a 25 basis point increase which took the official cash rate to 3.10 per cent.

CoreLogic Research Director Tim Lawless said the lower than normal number of new listings coming onto the market was likely keeping prices below average.

"Regional listings are at their lowest level since 2007," he said.

"This is likely a key factor offsetting the negative impact of higher interest rates and low consumer sentiment."