First-home buyers Taryne Fletcher and Hannah Dyson reveal survival tips
The pair started their search for a home in February this year, and by March they'd begun to fear they would never be able to buy a home as prices and competition surged.
Today, they're more confident they'll be finding their first home in the coming months.
Shock way Melbourne is more affordable than itself five years ago
'We were really worried in March, when properties were selling quite quickly and for really good prices,' Ms Dyson said.
'That was a bit scary. It just went wild. But it has slowed down and given us a chance to find what we want.'
New Ray White economics team research has now revealed March is the worst time to buy a home in Melbourne if price is a key concern, with the autumn month exposed as the time of year where homesellers achieve the highest median prices across the city's housing and unit markets.
The pair are hoping to buy a two-bedroom unit with an outdoor area for their dogs in one of Melbourne's bayside suburbs.
And while the prospect of reduced interest rates and a boost to their borrowing power appeal, Ms Fletcher said the goal was to make a move with the budget they have today.
'At the moment we are more looking for something that suits our budget now as a stepping stone to a bigger property in the future,' she said.
The pair who run their own marketing and content business, Stitch Productions, have now gotten a better understanding of their finances, and learned to cut emotion out of the process, after falling in love with one home only to watch its price guide revised upwards six figures before its auction — and for it to sell $350,000 above the final guide.
'We've broken it down to what do we actually need,' Ms Fletcher said.
'But we definitely don't want to still be in the market in March next year.'
For others hoping to buy their first home, the pair have advised that while missing out on homes can be disheartening — minimising your emotional attachment will help shield you from the worst of that, and is a vital step to take early.
Ms Fletcher said this was key for helping you move on when homes sold far above listing prices.
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