While our survey has found that the majority of people aren’t deterred from purchasing property by the election, a lot of people are and have decided to wait it out.
Most Australians haven’t been put off venturing into the property market by the long running federal election campaign, according to a national survey.
The poll by iBuyNew found that 54 per cent of respondents said the election was not influencing their decision on whether to purchase a property.
But 46 per cent of respondents to the online survey said they would wait until after the July 2 election because they wanted to weigh up the policies which will impact the real estate sector.
One of the main concerns for those looking to get into the property market as well as those already in it is the housing policy and the proposed removal of negative gearing on established properties by the Labor Opposition.
While our survey has found that the majority of people aren’t deterred from purchasing property by the election, a lot of people are and have decided to wait it out.
If Labor came into power they would restrict negative gearing to new dwellings only from July 1, 2017, as well as halve the CGT discount for assets held longer than 12 months from 50 per cent to 25 per cent. They say that this tax reform package will improve the budget bottom line by $32.1 billion over 10 years.
In response to this, the Coalition would not change negative gearing as it believes that Labor’s plan would undermine consumer confidence and smash home values.
Those who have opted to stay out of the market pending the election outcome could find prices rise after the federal poll.
At iBuyNew, we concentrate on selling new off the plan properties, and these proposed changes by Labor will not affect our properties.
By waiting to see which party comes into power, you miss out on some excellent property opportunities available right now while prices could also rise after the election.