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Published on 8th June 2019
Buyers’ Market confidence returns
There has been a significant increase in real estate inquiries after the Coalition’s victory at last month’s Federal election, according to Kalgoorlie Metro Property Group. The real estate company said more than 100 potential buyers had made inquiries in the past two weeks.
Kalgoorlie Metro head of sales Renee McLean said “there seems to be a lot more confidence and optimism now in the market”. “In the past two weeks since the election, we have seen an enormous uplift in inquiry from prospective purchasers, now keen to get on with their lives and housing plans,” she said. “Prior to the election, purchasers were clearly concerned by all the media reports about the potential impacts of negative gearing being abolished and capital gains tax increasing. But now, coupled with (Tuesday’s) interest rate reduction and APRA’s lowering of bank interest rate serviceability, we think the market will normalise quickly and get back to the sales turnover that we were doing in 2018.”
Mrs McLean said on the election weekend she sold a house to a professional property investor who clearly recognised the great buying opportunity out there at the moment, “particularly with rents likely to increase over the medium term, with all the mining and economic activity planned or happening around Kalgoorlie”.