Greater proportion of Mudgeeraba sales for under 400K
Mudgeeraba on the Gold Coast has experienced a shift where houses valued at under $400,000 have accounted for 25 per cent of sales in the last six months.
PRDnationwide data shows that this compares with just eight per cent in the latter half of 2010.
Researcher for the firm Rob Matta told the Gold Coast Bulletin that this can be attributed to a rising number of stock on the market in that price range, based on falling property prices.
When that factor is combined with a greater level of activity in the lower end of the market, it has resulted in a lower median price for residential property in the Gold Coast suburb.
Prices have dropped 17.8 per cent, down from a high of $560,000 in August 2008 to $460,500 in August 2012.
Mr Matta said: "The prevailing median price is 5.1 per cent below that which was recorded in the February 2009 period."
PRDnationwide Mudgeeraba principal Warren Goodall told the publication that acreages have been doing well in the area. Properties priced in the $450,000 to $700,000 had been selling at a health rate in the last three months due to people looking to upgrade.