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Optimism in real estate picks up post federal election in Australia
The dark cloud that surrounded many investors has been lifted after the Federal election. Prior to federal election, many investors were jittery when Labour Party announced that they would scrape away “negative engineering”policy if they were voted into power.
This caused a lot of uncertainty for many investors in Australia to hold onto their money. Now since LP is not in power, there is a positive atmosphere in the real estate industry.
Real estate agents are already reporting that there is more optimism. There is more listing of properties on the market than in the last few months prior to election.
Australians have rejected risk taxation changes of scraping of negative engineering. Most people in Australia store their wealth in housing market, therefore most investors were going to be affected if the negative engineering was policy was changed.
It has been reported that banks are loosening their lending criteria that was recommended by APRA last year. Most of the four large banks are ready to lend you money.
APRA has advised banks to lower the serviceable lending bar to 7.2% since the Reserve Bank has not raised the interest rate since October last year. The trend may continue for few months. This is aimed to bring back investors to the housing market.
You can find good deals out there now between 3.6% and 6.6% interest only loans. Credit tightening is more loosening. now. This is the right time to purchase properties while the prices are plummeting. You can buy and hold then sell when prices become favourable.
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