The re-election of the Morrison Government and the rejection of Labor’s negative gearing and capital gains tax changes were welcomed unanimously by prestige property agents across the eastern suburbs.
“I think it’s a great thing,” LJ Hooker Double Bay principal Bill Malouf said.
“I don’t think the market will go through the roof — don’t get me wrong — but I think it will bring back a bit more confidence.”
Sydney Sotheby’s International Realty managing director, Michael Pallier, said: “This is very positive for the property market in the eastern suburbs … a lot of people were very worried.”
He thinks it may encourage people to list their prestige homes and also make buyers more confident.
“It really slowed the market down this federal election and the state election before it.
“I think it will be a good spring.”
Laing and Simmons Double Bay principal D’Leanne Lewis pointed to today’s sharemarket gains as a sign of growing optimism.
The surprise election win sent Australian stocks to an 11-year high because Bill Shorten and his proposed changes to negative gearing, capital gains tax and franking credits were seen by the sharemarket as detrimental.
“And the re-election of the Morrison Government can only be a positive thing for prestige property in the east,” Ms Lewis said.
“That’s the feedback I’m already getting from both buyers and sellers and its only been 48 hours.”
Pillinger principal Brad Pillinger said the Government’s win should give the market “the spring back in its step.”
“The election result is a win for everybody — steady economy, low interest rates, lower taxes, strong business,” he said.
“Confidence overseas, expat and local will strengthen as we were for a while operating in a post-Labor world … certainly Saturday’s result will help transactions.”
Raine and Horne Double Bay’s Jane Schumann said “Everyone’s breathing a massive sigh of relief.”
She said the election and fear of the unknown had led to “a lack of commitment”.
“Everyone knows what’s ahead so they’ll start committing again.
“They’ve all been saying ‘Let’s wait and see what happens on the 18th’.
“Well now we know what happened on the 18th and everyone can get on with it.
“We’re not going to see the market bounce back fabulously re pricing, but they’ll come back buying and that’s all we can hope for.”
Ist City Real Estate Group principal Brad Caldwell-Eyles said he was “beyond delighted”.
“If you’re a buyer, there’s no more bad news to come,” he said.
“We’ve probably got a few interest rate drops and we’ve got an election decision that is more economically favourable.”
He said given all the predictions of a Labor victory, his team had already prepared sales strategies to negatively gear property ahead of the January 1 cut-off.
“Now we can throw all that out.
“Everyone has the pleasure of living in a nation that’s more secure in its economy.”
Alison Coopes of Agency by Alison Coopes said: “Uncertainty is never good and can create false perceptions on property prices for both buyers and sellers.
“It was certainly refreshing to wake up to the more active email inquiry and phone calls from about 10am Sunday morning.”
She said it was buyers making contact, but she expects more vendors to start listing once they see evidence of the market improving.
“The minute they see the market is responsive they’ll start listing their properties again,” Ms Coopes said.
“Certainty is everything really — I can only imagine how people in Britain are feeling right now as [the Brexit issues] can’t be having a positive effect on their economy.”
Raine and Horne Double Bay principal Ric Serrao agrees. “My gut feeling is that that the market has hit rock bottom and that sentiment is starting to shift,” he said.
“And if we get a rate cut that can only stimulate the market.”
He also said the phone had also been running hot from buyers.
“I think the re-election of the Morrison Government is a huge leap for property in general.
Paul Biller, principal of Biller Property, said: “I’ve already had calls from potential sellers looking to list their homes post-election. it gives more confidence to both buyers and sellers.”