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Uncertainty over election date stalling property market

Property agents say that the market is being slowed while Australia waits for an election date.

With a date for the Australian general election still not set, property agents say this is stalling the housing market.

Ray White senior sales executive James Keenan told the Age that consumers are reluctant to auction their houses while an election campaign is going on.

Additionally, he says property campaigns have been stalled: "I've got five campaigns ready to go but we haven't actually started because we're waiting to see if the date is going to be announced."

Since Kevin Rudd took over the Labor government from the former prime minister, Julia Gillard, Australia has been waiting for him to set an election date.

Ms Gillard previously set the election for September 14th but was ousted by Mr Rudd in June.

Some groups have called for the election date to be moved forward. The Business Council of Australia told Bloomberg in June that since confidence among firms is low, moving the election date forward might give them a boost.

Posted by Ravin Chatlani

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