Post election Oct 2013

Title: Post-election property focus

So the federal election already seems like a distant memory. The Liberal Coalition is settling in to their position of running the country. In reality, most of us are concerned about how this change of guard will impact us personally and this typically means the things that we hold dear such as our home.

Since the federal election, the property market has continued to be active. There are some interesting changes post-election that are worth taking note of.
• House prices across the country have generally continued their upward trend, following the annual rise of 5.7% across the 5 major capitals. Queensland has record the biggest improvement in affordability of both homes to buy and rental accommodation. At the other end of the scale, NSW continued to be the least affordable state.
• A new development has been the tendency for buyers to rush in to purchasing a home. A Commonwealth Bank survey indicated that many buyers went over their budget in order to secure a property and many were so concerned about missing out on a property that they failed to conduct a full assessment on the home.
• Looking to our neighbours for inspiration: Many in Australia are hoping our new government will take a leaf out of our Kiwi neighbours’ book. The New Zealand government allows first home buyers to access some of their super via a special scheme to help them in to the first home.
• Looking ahead, it would seem that predictions are pointing towards the housing marketing continue to grow in to 2014. Research released by SQM Research’s Housing Boom and Bust Report indicates that price increase of between 7-11% could occur in the capital cities, and this is despite possible rate rises.
We hope you have found this information useful. Remember if you would like any further information relating to this or any finance topic, please contact us……