Hopes for much-needed new supply have been boosted by record numbers of homeowners having properties appraised in August for future sale.
In NSW, LJ Hooker recorded a 32 per cent rise in interest compared to August 2012.
“Any uncertainty that clouded the market before the federal election date was called has definitely lifted, with vendors now wanting to know what their property could fetch,” LJ Hooker head of residential sales Chris Mourd said.
Once the air clears from the election, we’ll see one of the biggest listings of stock for spring hit the market in some time.”
Smartline mortgage broker Scott McCray said the result of the election does not matter – just the fact it is happening.
“People are talking more about it being a good time to buy a property than which party would be better for the market. Whoever gets in, it will still be a positive and the uncertainty will be removed.”
Liz and Michael Scerri are taking their house at 82 Wilson St, Botany to auction on September 14 and believe they are perfectly nestled between the election and the onset of a flood of new listings.
“We are happy to be selling after the election and before school holidays,” Mrs Scerri said.
“We wanted to sell before the spring market took off so there would be more competition between buyers for our property and more stock on the market when we look for our next one.”
McGrath agent Marnie Seinor said she was aiming between $800,000 and $850,000 for the Scerri’s home and had already received decent offers.
“We’re just going to go for it at auction,” Ms Seinor said. “There’s currently no new stock coming on but after the October long weekend I think it will.”
RP Data senior research analyst Cameron Kusher said listings had been low since much earlier in the year than usual.
“You typically see listings trend lower during the winter months but it happened earlier this year, which may link back to the election uncertainty,” Mr Kusher said. “You usually see a pick-up in spring but it might be greater than normal this year because people have been waiting for the election.”
A likely Coalition win may also have some upside for the property market, with research showing house values rose in the periods following the most recent Coalition election victories, while dropping after the past two Labor wins.
“In 2001 and 1998 we saw strong growth in values, keeping in mind that it has to do not just with the election but how the economy is running at the time,” Mr Kusher said.
“In 2001, the housing market right across the country was booming, while following the 2007 (Labor victory), the financial crisis happened.”