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
For advice on navigating hotspots, download our free eBook: Tools for Getting Through the Hotspot Maze. This article first appeared on Property Observer.
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