TV Block big spender: Time for first-home buyers to pounce

Melbourne’s housing market is primed for first-home buyers — including some of our most swanky suburbs.

That’s the advice from real estate experts after house prices plunged more than 10 per cent.

Stats from Finder.com.au show that median apartment prices in typically expensive suburbs like Prahran, Windsor and Fitzroy have fallen significantly, and they are tipped to slide further.

Frank Valentic, a buyers’ advocated from Advantage Property well-known for his representative bidding at auctions for reality TV show The Block, told 3AW Breakfast it was all good news for first-home buyers.

2018 definitely finished up being a buyers’ market although it started as a seller’s market but transitioned quickly into offering more opportunities for buyers. Listen to latest Advantage Property market update video with property information and tips. https://t.co/EmcSXIZWxv

— Frank Valentic (@FrankValentic) January 1, 2019

“The Melbourne market has came back in the past 12 months, which is great for first-home buyers,” he said.

“There’s less buyers out there so first-home buyers have a great opportunity to get their foot in the market.

He conceded it was “tougher” to get adequate loans from banks, due to multiple factors including the fallout form the Royal Commission into Banks.

“They’ve just got to have a crack at it and see if they can get the funds,” he told Kate and Craig.

Click PLAY to hear Frank chat with Kate and Craig this morning