During the federal election period, there can be a perception that the real estate market stops or pauses when it comes to buyers and sellers. Alex Ouwens and Nathan Casserly talk about what they think happens during that process and what they are seeing in the property market for 2019.
There is a perception in real estate that during a federal election, there are fewer buyers and fewer sellers out there and the market kind of stops. So, what are we seeing?
In short, yes. It’s true, and historically, if you look back through federal elections and state elections, there is a moment in time where people hibernate – they’re really mindful of the outcome of the election, they’re following closely who’s going to get in and what policies are going to be in place. It’s been interesting though, in the latest state election, and now the federal election, it hasn’t had the same impact. The pre and post pause for the election doesn’t have the lag that we have previously experienced.
People have continued to purchase and have continued to go on the market with confidence. In reality, there are always going to be some buyers or sellers that will stay out of the marketplace due to the fact that they want to watch the movement of Government. That may be relative to their personal situation in terms of their current business, their current employment, etc. If you’re a vendor, potentially there’s a period of time when maybe there are fewer properties on the market, so you have less competition. That means there is an opportunity, you may actually get a slightly higher price and more of a premium. On the opposite side, the buyer, there are potentially fewer buyers that are out in the marketplace, so you may lose some competition as well.
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“The real estate market should continue to move along as normal, and we’re starting to see some evidence of that at the moment within our business for May and June.” Nathan Casserly, OC Managing Director.
In summary yes, historically, we’ve seen some sort of gaps and pauses but in the last federal and state elections, we didn’t see impacted as much. Given the last three months or six months, the resilience of the Adelaide marketplace has shown to not be as affected with what may be happening in other marketplaces across Australia which is very typical of the Adelaide market, but it will stay resilient and steady.
Alex Ouwens and Nathan Casserly have a genuine passion for real estate and love to help people achieve their goals and dreams through property. Find out more about OC here.
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