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Improved consumer sentiment is expected to lift the Australian property market following the federal election, experts say.
The biggest impact of the election results on the property market, however, will be short term, with activity likely to increase in a more politically stable environment, said BIS Shrapnel senior property analyst Angie Zigomanis.
“People may have been holding off any decision pending an election result, so it could encourage more people to go through with that purchase decision,” Mr Zigomanis told Smart Property Investment. “I don’t think everybody will be going out to the auctions this Saturday, but it may be something that evolves over the next few months.”
The long-term market impact of a new government is yet to be determined. With no housing policy released, experts remain uncertain of what the market will face.
SQM Research managing director Louis Christopher said this was surprising given that many people agree there is still an affordability problem in Australia.
“We’ve got to ask ourselves what kind of policies the federal Coalition would bring in, and that’s a really difficult one because they decided not to release any type of vision or view on the housing question at all,” he said.
“They’ve come out with absolutely nothing, which is a bit of a concern – it suggests that they don’t have any vision on housing and how to address the issues of affordability.
“There are a lot of questions there on that front, but if we do get a response from the government, it might have a meaningful impact on the housing market over the long term,” Mr Christopher said.
Affordability refers to a product or service that is inexpensive and accessible for people with limited means.