The upcoming federal election is discouraging potential borrowers from purchasing property, according to a survey by Loan Market.
The online poll, which asked home loan shoppers, 'Has the upcoming federal election impacted your intention to buy property?' found that 43 per cent of 674 respondents said they were slightly more apprehensive about purchasing property, while 40 per cent said they weren't deterred at all.
Loan Market director Mark De Martino said that elections and the substantial promises made and policies proposed often made it challenging for homebuyers to determine what advantages they would have after the government starts a new term in office.
“Whichever government we see after the election, they’ll hopefully work towards improving our economy within the present low interest rate environment,” Mr De Martino said.
“Purchasing property is a long-term commitment and while it can be good to wait for optimal buying conditions, it’s a buyer’s own personal circumstances and financial goals that should be the forefront considerations. Buyers should always prioritise the purchasing factors they can directly influence, such as savings levels and creating a budget.
“Excessive stamp duty charges and a lack of concessions for first home buyers are hurting property purchases in most states. Once the election has been completed, it’s entirely possible that we’ll see the federal government support more state-based incentives for property purchases.”
Meanwhile, a recent Real Estate Business straw poll found that 55.2 per cent of 522 respondents believed that the reappointment of Kevin Rudd as prime minister would negatively affect the housing market.
A total of 23.9 per cent of voters disagreed, 18.6 per cent believed it would not make a difference and 2.3 per cent were unsure.