Over the last month Dandenong North has seen a surge of new properties coming onto the market for sale. This has largely been driven by local home owners wanting to take advantage of the rising house prices and consolidate their mortgages or update their homes by moving further out into new estates around Narre Warren, Pakenham and Berwick. With this trend has come a rise in competition within the market place with buyers having more choice and therefore more influence when negotiating property prices. Although the market is still strong with house prices continually rising, there is little doubt that the level of growth seen in the month of March is nowhere near as high as it was in the first two months of this year. So what does this mean for you if you are in the midst of planning to sell your home? Well the most important thing to monitor over the coming months is the fluctuating level of stock on the market. This is easily done through online portals including Realestate.com.au and Domain.com.au which give you a thorough indication as to the number of listings on the market for sale in Dandenong North. A good time to sell is when you observe the level of listings sitting between 30 and 40 in the entire suburb. This will generally result in more buyers viewing your home and more competition in the form of offers or bidders on auction day. In contrast if you observe the number of property listings climbing to 50 and above, you will generally find that buyers will have greater influence when it comes to negotiating as they will have the ability to compare your home against others. Our recommendation is to continually monitor the market and seek our advice prior to making a decision to sell your home.
