The results are in... and to the surprise of many, Scott Morrison has led the Coalition to win this year's Federal election. The Coalition's shock election victory and its pledge to leave key housing tax breaks untouched has spurred predictions the property market slide is closer to finding its bottom, with confidence likely to return to the housing market over the coming months.
How will the Coalition Government affect our property markets?
2018 was a challenging year for the property market, with the house price collapse causing property owners and economists to question if Australia’s housing bubble is about to burst.
Property investors faced difficulty getting finance under new stricter lending criteria, and home buyers were put off by news of impending doom in the property market. This resulted in home sellers holding off on the sale of their home with concerns that there would be no buyers in the market, or that they'd be offered a price much lower than what they would have received in previous years.
The election caused a stall in the market - but things seem to be looking up.
The Labor government had two big policy promises that were designed to affect the housing market, with proposed changes to negative gearing and the capital gains tax. With these changes no longer on the horizon, this policy stability is likely to be good news for anyone hoping to sell their home.
A win for First Home Buyers
The Coalition has promised some assistance for first home buyers, with a scheme that will help all Australians achieve their property dreams with just a 5% deposit, without having to take out Lender's Mortgage Insurance. This change will reduce the time frame people need to save for a deposit and also help increase competition within the bank.
Although the details of this scheme aren't clear yet, this initiative by the government will also help to increase the property market that has seen a slight downturn in previous weeks.
But what does this mean for Home Owners?
While some homebuyers have found some difficulty getting finance, others have held off waiting for the uncertainty about the property markets to clear.
As our property markets are poised to turn later in the year and more good news continues to appear in the media, homebuyers will regain confidence.
When this occurs, home sellers who have been putting off upgrading or downgrading their homes in fear of not being able to sell at a reasonable price, will return to the markets.
Thinking of taking that first step towards selling your property as the market changes? Why not have a conversation with your local Upside agent about the current trends in your area, and find out how much your property could be worth with a free, no-obligation appraisal.