It is sometimes hard to believe the pace that the current market is moving at but in February we saw just that. We sold several homes in Dandenong North over the last month but the one that stood out by far the most had to be 8 Leeside Street, Dandenong North. At the end of 2016 we auctioned of 7 Leeside Street which pulled a terrific price of $526,000 and as a result the neighbours directly across the road contacted us to sell their home. We listed their property to go to auction in February and expected a similar price if not slightly higher than what we had achieved for 7 Leeside Street only a month and a half earlier. Well weren’t we wrong (in the best possible way)! The property went to auction and pulled a jaw dropping price of $590,000. Yes that’s right $64,000 more than what the property across the road, with the exact same land area and very similar characteristics sold for two and a half months earlier. Not only were we stunned but we left every single neighbour, buyer and the owners of the home wondering how the price could go so much higher than what was expected. In my opinion the simple explanation for this comes down to the number of homes currently listed for sale in the Dandenong North area. With less than 50 homes currently advertised for sale in the entire suburb buyers are battling vigorously for the same listings and thus significantly pushing up prices. During the month of February we also sold 21 Boronia Avenue, Dandenong North which pulled in $613,500 at auction, 14 Sandala Court, Dandenong North which went for $665,000 and 3/15A Koonalda Grove, Dandenong North a shoebox unit which brought in $285,000.
