The country’s top economists say broader economic conditions dictate housing cycles rather than any one side of politics.
Economists agree broader economic conditions, such as interest rates, which are largely influenced by global factors, are far more important in dictating property prices than any one side of politics. “Contrary to popular belief, federal elections don’t have all that much impact on housing cycles. Factors such as credit availability, the cost of debt and economic factors are far more important,” he said, adding that so too were commodity prices and currency movements.
That was on full display during the early days of the pandemic, with extensive mortgage holidays, the unprecedented stimulus packages of JobKeeper and JobSeeker to support household incomes - which boosted offset accounts to a record level - plus the HomeBuilder scheme which bolstered first-home buyer demand and housing construction.
He calculated that on CoreLogic data from 1980 for the eight capital cities, property prices rose an average 6.6 per cent annually under Coalition governments, and 5.2 per cent annually under Labor governments – a statistical difference he described as “minor”.
Domaincomau NO Its THE AGE telling lies again in their role as Labor's Propaganda printer !
Domaincomau Political parties are too frightened of reform in housing property market, won’t touch all the dumb LNP initiatives like neg Gearing etc .
Domaincomau Property prices never go down. They may stay the same but that is all. This country has to get used to setting better rules about rents. Other countries have rental accommodation specifically built with rents remaining the same for 5 years, while tenants do improvements .
Domaincomau Last election, prices were down under LNP
Domaincomau Property is totally overpriced and what I don't understand is the mugs who are willing to pay more than its worth and having massive mortgages.
Domaincomau So labor good for families! Liberal good for millionaires! Ok
Domaincomau Hang on property prices Australia wide are falling now and everything else is going up. 🤔🤦
Domaincomau More shallow commentary. The relevant metric is affordability, not prices.
Domaincomau myth
Domaincomau Pooo