General News
9 July, 2025
No signs of a recession, says Mount Isa realtor
The local market is showing no signs of weakness, says City and Country Realty's John Tully.
There is no sign of a recession in Mount Isa, says the city’s biggest real estate agent, despite the threat of hundreds of job losses from the pending closure of Glencore’s underground copper mines and the threat of the smelter closure.
City and Country Realty’s John Tully, who is also a Mount Isa City councillor, said the market was showing no signs of a mass exodus of population.
Rental properties are hard to come by and family homes are still selling, he said.
“It’s going good at the moment. We’re not seeing any indication (of a downturn),” Cr Tully said.
“We are staying positive and the town is showing no signs of slowing down.”
The long-time businessman said every tradesperson in Mount Isa was “flat out” and that investors were still taking a keen interest in the mining city.
“I just think that all the businesses in Mount Isa are involving all the mines around town now. They’ve diversified,” he said.
“All the contractors in town are looking after everyone around, not just Glencore.”
Cr Tully said the signs were good that properties in excess of $400,000 were now selling in Mount Isa.
Previously, most of the movement was in properties ranging from the high $200,000s to the mid $300,000s.
“The $400,000 market is back again and it’s been pretty stable for a while,” he said.
“I just sold one for $500,000 and we just sold another one yesterday for $410,000.
“The confidence is here, I really believe it is here.
“The rent returns are unreal, too, so people are buying investment properties because they know they can get a positive return on them.”
Cr Tully said Mount Isa should be seen as a destination for young couples and families to kickstart their lives.
“We’ve still got heaps of work here and good, high-paying jobs,” he said.
“You can buy a house in Mount Isa for a quarter of the price you’d pay in Melbourne or Sydney.”