How has the property market fared post-election?
Since the Federal Election in May the property market has shown many signs of bouncing back, along with a marked increase in sentiment. And the latest quarterly report by ANZ/Property Council confirms this.
What have been the changes following the election?
Many factors can be attributed to this turn around, including several interest rate cuts, APRA changes to make lending easier and more security for investors with negative gearing and capital gains tax remaining.
The report highlights that confidence in the property sector has gained 13 index points bringing the measure up to 128, the second largest jump since the survey began, and well above the neutral measure of 100.
A stabilising effect
The research indicates that the market is well and truly stabilising from the lowest point and this is reiterated with the consistent increases in auction clearance rates over the six months (realestate.com.au) since the election results. “There is definitely more positivity in the air than earlier in the year,” says hockingstuart Director Gav Malhotra, adding, “we’re seeing a lot of anticipation out there and properties are not spending very long on the market.”
With many buyers wanting to settle before Christmas, now is the time to get your home on the market. Reach out to a hockingstuart expert today.