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How Will the Federal Election Affect the Property Industry?

Published on June 30, 2013

Aug 30, 2013

There has been some significant good news over the past month, but what will the future hold following the federal elections in a couple of weeks?

We were delighted when the Reserve Bank chose to drop the Official Cash Rate by 25 basis points earlier this month, and even more so, when all the big banks passed on the full cut – and in one case at least, even more than the 25 points! As a result, we now have the lowest mortgage rates in more than 50 years!

So with the federal election looming, we are all eagerly awaiting the outcome and the implications the results will have on the housing industry and the property market in general. By all indications it appears, that whatever the result, we still have a lot of positives in our economy. Indicators such as employment, population growth, housing affordability and interest rates all point to a healthy economy in Australia with consumer confidence high.

HIA’s Chief Economist reports that that housing affordability in Australia is now 16.7 per cent higher than it was this time last year. Very encouraging news indeed, especially with Brisbane leading the way with a rise of 10.4 per cent and regional Queensland growing by 9.6 per cent in the last quarter.

We are also seeing a trend indicating investors are coming back into the market, and with low interest rates and incentives such as the FHOG and stamp duty concessions so too are first home owners.

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