Will Election 2023 have an impact on property market activity?
Given the current differing policies and views between the major parties, and the recent resignation of the Prime Minister creating policy uncertainty, there is potential for this year’s October election to have a rare influence on property market sales activity, but mostly for the residential sector.
Residential
In six of the seven election campaigns since 2000, there has been little influence on sales activity. However, the one exception was the 2014 election, when Labour promoted a capital gains tax (CGT) and restrictions on the ability of foreigners to buy residential property.
These policies contrasted with National’s, which were viewed as supporting the status quo. This divergence saw a slowing of sales before the election date and a surge following it when a National-led government removed the uncertainty in outcomes.
Market dynamics during other campaigns post-2000 have been influenced more significantly by regulatory, economic, financial, and demographic drivers such as changes to economic activity, lockdowns, LVRs, interest rates, access to finance, migration, and the availability of housing.
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