Mornington, a Mount Isa suburb, is enjoying a spectacular growth in property values.  House prices in Mount Isa increased by 27.2% in 2006, 39.5% in 2007 and 10.0% in 2008.  Unit prices increased by 6.7% in 2006, 62.5% in 2007 and 3.8% in 2008.  There is a major housing shortage for the local workers, and building new stock in Mount Isa is difficult as the mines attract trades people away from the building industry.

These five units comprise 4 x 2BR units and one 3BR house.  Annual rates are $3,097.  Net rental is $82,432, a return on investment of 8.72%.

The building is approximately 30 years old.  All units have new furniture and appliances, smoke alarms, safety switches, security and locks.

The complex will appeal to investors, who want a secure steam of income with the very strong possibility of capital gains, and developers who can add value by renovating and/or converting the units to strata title.

Eight other blocks of units are also available.

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