2016: A GREAT YEAR TO BUY
FIRST-home buyer Matthew Flanagan believes 2016 will be the year he gets a foot on the property ladder. The speech pathologist, 44 (pictured left) abandoned his search last year amid a frenzy of auction price blowouts and buyers desperate not to miss out.
“About September I stopped looking because it all just got a bit mad,” he said.
“People were bidding emotionally and auctions were going for 20 per cent more than quoted prices.
“I thought I would wait until things calmed down and I noticed towards the end of last year that more properties were being passed in and the subsequent sale prices were quite a bit lower than the asking prices.”
Mr Flanagan, of Kew, said he had used his hiatus to continue saving hard and was confident he would find an older-style apartment or townhouse at the right price in the next six months.
He wanted his home to be close to a train line and within 15km of the CBD, and has enlisted buyers’ advocate Buyers Home Base, which specialises in working with first-home buyers, to help resume his quest.