Buyer reaction has been swift to the Federal Election result in the Sunshine State, as certainty returns to Queensland.
Delayed contracts were signed and inspection bookings jumped in Queensland just hours after the Coalition was declared the winner of Federal Election 2019, some of the state’s premier agents confirmed.
Vaughan Keenan of Grace and Keenan Newstead, who put a Hawthorne property under contract over the weekend for $3.305m, said the response was almost immediate.
“Sunday morning I had enquiries from people who had been sitting on their hands,” he told The Courier-Mail. “It’s that positivity that there is no change to all the housing policy which gives some relief and confidence to that end of the market.”
“Literally on Sunday five sets of buyers have made appointments to see properties this week. It’s very positive out there now.”
Place Bulimba signed one of Brisbane’s biggest 2019 residential deals this weekend with a riverfront property at 146 Virginia Avenue, Hawthorne selling for over $6m, agent Sarah Hackett confirmed. The property is on a coveted riverfront stretch that includes Australia’s richest woman Gina Rinehart’s Brisbane home,
“People just want confidence and a clear idea of what was going to happen,” Mrs Hackett said. “But the market has been very strong this year because banks have started to lend and money is so cheap. It’s never been better to borrow.”
Queensland Sotheby’s International Realty chief executive Paul Arthur said there was “an almost immediate bounce”.
“We’ve seen an immediate uptick in activity. We signed contracts on two properties on Sunday that were just teetering pending election outcome. There’s certainty for the next three years. Obviously the election was fought on certain key items that had the opportunity to affect the housing market. Now we have clarity about that and buyers and sellers are moving forward.”
That’s good news for sellers like Brooke Llewellyn, whose home at 56 Balmoral St, Hawthorne, goes up for sale three days after the electoral result (Tuesday May 21). “We’re selling so we want a bit more certainty in the market,” she said. “It’s been a great home, a big home and we’ve loved the area.”
Her agent Cathy Richards of Place said the listing would go live Tuesday, and was confident it would “generate excellent interest” post election — potentially even attracting investors and first home buyers.
Place Estate Agents head Damian Hackett said there had been “so much uncertainty around how negative gearing, changes to capital gains laws and the general thought of increasing taxes”.
“If Labor had come into leadership, we could’ve seen the biggest changes to the Brisbane property industry in decades. Now, a cloud has been lifted due to this result and there’s more clarity on what to expect,” he said.
Mr Hackett said “with the potential interest rate drop and the loosening of the banks, following requirements that were implemented mid last year, we can expect confidence to return to the property market.’