Houses - MUDGEERABA

The average house price in Mudgeeraba has held steady this year, with a decline of only 0.5% for the year to date. This is an improvement on my report of 2 months ago when the average price was down 1.3% at that time. It seems as if the market is consolidating after 5 years of steady growth.

Days on market has come back down again after peaking at around 37 days in June, and still remains and historically low levels.

Percentage of stock on market for houses has been rising since the beginning of February 2016 but does seem to be steadying for now.

Units - MUDGEERABA

Mudgeeraba unit prices continue to drift sideways this year. They are down 0.5% for the year and this is significantly better than my report of 2 months ago was showing, when the average price was down 8.1% for the year.

In my report of 2 months ago I did write that that perhaps the decrease in the average price of units was not indicative of a major drop in the market, but rather a skewing due to a selling off of cheaper units in the suburb and that does seem to have been the case.

Days on market still remains historically very low at around 22 days, however, stock levels did increase sharply in September.

Summary

The house and unit market in Mudgeeraba are both trending sideways for the year.

There is definitely a shift in the market this year, but whether this leads to a longer term downturn in the local market is still too early to determine.

Herron Todd White are predicting this to be the start of a declining market on the Gold Coast.

See my previous market update for Mudgeeraba from 2 months ago.