Election Flashback Shows Housing Winning Streak

Election Flashback Shows Housing Winning Streak

21 Jun 2016 By: Greg Hocking 0 Comment

There’s now just one weekend to go until we head to the polls to decide who will lead Australia until 2019.

But while big elections often freeze property markets because buyers and sellers want to see what changes lay ahead, you wouldn’t know it in 2016.

Last weekend Melbourne had a massive 1,059 booked auctions across its suburbs, a rebound from typical smaller numbers on the Queen’s Birthday long weekend but also confirmation market confidence remains buoyant.

And why wouldn’t it be?

Our economy is strong, unemployment is low – just 5.7%, according to the ABS – and interest rates are even lower.

The official cash rate stayed at 1.75% when the Reserve Bank met on July 7.

I read a report by national data company CoreLogic with interest this week. It compares the market of our last federal election with today’s figures.

“With topics around housing such as affordability and taxation policy now featuring heavily in the lead up to the election, it is worthwhile examining just how house values have shifted since the previous election,” its research analyst Cameron Kusher says. I strongly agree.

Kusher’s figures once again illustrate that, since the 2013 election, Australia has experienced general increase in home values largely fuelled by Melbourne and Sydney.

Victorian federal electorates Kooyong, Chisholm and Higgins star among our country’s strongest performing for property value gains in the past three years.

Whatever happens on July 2, local homeowners and investors are already the clear winners.

If you want to discuss the property market outlook call us today for an obligation-free chat.

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Greg Hocking

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