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A looming federal election may be subduing the property market, particularly given the potential for significant changes to negative gearing and the capital gains tax if Labor is elected on July 2.
The property market normally gets a little quieter in the winter months, however a lot of buyers and sellers are also waiting for the federal election outcome before making any property decisions.
It will mainly be investors waiting at the sidelines, providing an ideal time for owner occupiers to get out there and try and find their ideal property while there is less buying competition.
Real Estate Buyers Agents Association of Australia (REBAA) president Rich Harvey also believes that going against the grain can be a smart idea.
Harvey noted that recent figures show housing credit has remained stable during the first few months of the year, which suggested to him that market activity had already slowed down. He believes that this slowdown could be accelerated by political uncertainty.
“The Reserve Bank figures show that housing credit has remained stable over the first few months of the year, after some rocket-powered increases in lending throughout 2015,” Harvey said.
“This suggests that market activity has already slowed down, and pre-budget or pre-election nerves might see this escalate. With promises coming from all corners of the political arena and less stability until the votes are counted, a quieting could be on the cards,” he said.
This “quieting” could provide an opportunity for buyers to get into the market and find a good deal.
“While none of us have a crystal ball, it make sense that if there are fewer people in the property market, property hunters will have a better than average chance of picking up an excellent deal,” Harvey said.
“The herd mentality is to sit back and wait and see what happens, while the savvy buyer continues to monitor conditions and buy prudently when the right property comes up.”
Buyers may be able to find a good deal in the lead up to the election, however sellers should question whether or not they might be better off waiting a couple of months before starting their marketing campaign.
For those who hope to sell before the election is over, you might need to lower your asking price to meet the market.
Ask your Professionals Real Estate agent for advice about how your local market is performing in the lead-up to the election and how this might affect your property’s sale.