2016: A GREAT YEAR TO BUY

Herald Sun - Property - - COVER STORY -

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.

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