Real Estate Market Update - Mudgeeraba - October 2018
There are a lot of different messages out in the media with regards to the future of real estate prices in Australia. Some are predicting a doomsday scenario and others are more optimistic. The numbers, however, do not lie and below are the numbers for Mudgeeraba.
Looking at the numbers below, the market has declined slightly this year with prices down by -1.3%, however, the year on year price is still up by 1.8%. (see the Sales Statistics graph below).
Days on market has also remained steady at approximately 50 days since June 2016. This is still significantly lower than 5 years ago (see graph below).
Mudgeeraba unit prices seem to be well and truly into negative territory with a decline of -8.1% for the year to date and a decline of -8.4% for the 12 month period to date.
Days on market has, however, remained steady at approximately 55 days, which leads me to believe that perhaps the decrease in the average price of units is not indicative of a major drop in the market, but rather a skewing to a selling off of cheaper units in the suburb.
These figures are definitely one to watch in the coming months.
In summary, we are not seeing any signs of a drop in property prices in Mudgeeraba for houses. The average unit price has dropped significantly, but with days on market remaining steady, this may just be indicative of lower priced units predominantly going on the market.
Stock levels are also holding steady at around 104 properties currently on the market in the suburb. This number has remained steady for the past 8 months. Days on market has also remained steady and thus it is my view that the market is holding steady and moving sideways.