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Outcome of election could influence property market

Consumer confidence in the property market could increase once the general election is out the way.
With a general election set to take place at some point before November 30th this year, property experts are trying to predict what sort of effect the outcome will have on the residential housing market.

Rod Cornish of real estate strategist Macquarie Capital says the months prior to the election tend to cause a slump in sales as the general sense of uncertainty surrounding the country's political future translates into people's spending habits, according to Property Observer.

The policies of the candidates themselves could also have a significant impact on the financial decisions of potential buyers.

With both sides promoting spending cuts in the face of yet more economic uncertainty, people are less likely to invest in property – at least until after the election.

However, Mirvac chief executive Brett Draffen says this could all change once the votes have been cast, as a decisive result in the election is likely to boost consumer confidence as people no longer feel so uncertain about the political future of the nation.

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