Thank god the election is over! After weeks of promises, promises and more promises from both sides, we now have a new federal government. Let’s all breathe a sigh of relief that campaign mode is now over and we can get down to governing again.
But, what does this election result mean for the property market?
Well, it’s all about confidence. In a period of uncertainty (like an election campaign), people tend to more cautious about putting their property on the market until a result is known. With the decisive result we have witnessed, confidence will be instilled in our economy, encouraging people to put their properties on the market as well as encouraging buyers to come out of the woodwork!
Add to this, the traditional spring selling season is now upon us, so the potential for an influx of properties to hit the market in the coming months is high.
What the election result will do for prices remains to be seen, but according to many experts, purchase prices are slowly inching upwards.
So if you are looking to purchase your first or next investment property, now is definitely the time to buy!