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The Election is Over – What Will Happen to the Property Market?

By Nicholas MacIntyre

The federal election is now over and while this means that confidence will return to many Australians, it poses questions as to what will happen in the property market over the months to come.

According to RP Data senior research analyst Cameron Kusher, there have been a number of increases seen in both property values and prices for real estate in Australia after previous federal elections.

Mr Kusher found that 2001 was the strongest post-election period where values increased significantly by 16.4 per cent annually. However, it’s important to note that at the time Australia was facing a “boom” in home value growth.

The post-election period in 2004 also saw a positive rate of growth, where house values increased by 1.8 per cent over the following year.

At the same time, the level of available housing stock across property markets in the country has been quite low, which may have been due to many people placing their selling plans on hold until after the election.

Information from SQM research showed that Melbourne and Sydney especially saw a decline in the number of real estate listings in August.

A year-on-year decrease of 15 per cent was seen in Sydney, while Melbourne saw a 2 per cent fall. Nationally, the number of houses on the market for sale has decreased by 1 per cent.

However, August’s results have shown a small increase of 2.6 per cent from the previous month’s data.

“The monthly pick up in online sales listings can be mostly attributed to the fast approaching spring selling season, which SQM Research believes will see an influx of stock onto the market, particularly post-election,” said SQM Research Managing Director Louis Christopher.

“Potentially with more confidence instilled in the national economy, vendors will be encouraged to place their properties on the market.”

This means that post-election there may be an influx of property for sale in the Australian market, as more people gain confidence back in the economy.

In an August 23 article on the Australian Property Investors magazine website, Michael Yardney stated that regardless of the election, there is still reason for people to buy property for sale in Australia.

Mr Yardney cited the low unemployment rate, low interest rates and the growing population as some of the most important reasons.

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