Budget Update

The budget has come and gone, and now an election will be upon us. What will this mean for property going forward?

The budget in the end held no concerns for investors, as the current government aired on the side of caution prior to going to the electorate. Will this mean full  steam ahead for property price growth? Well if going by the latest home sales data released by Core Logic house prices could well be on the upward move again. This will be helped by the 0.25% interest rate drop by the reserve bank on budget day.  With wages growth and apparent deflationary pressures in the wider economy ongoing,  it is likely another rate drop will be made of 0.25%. This is unlikely to occur though until after the election so August would be a good bet.

Obviously uncertainty could return as any new government could have an interim budget once in power and this goes for both sides of the political spectrum. What could this mean, well labor is likely to bring in changes to capital gains tax and negative gearing tax allowances for investment homes, but this will not be retrospective for all properties or only new properties is yet to be seen. We would note though labor has stated it will only be new investment purchases. There could also be something in this regards from the LNP, we all know what politicians say today can change as quickly as the weather in Melbourne the next day.

Long term there are still the issues of affordability which are likely to impact the price growth of homes going forward, so it may be best to consider  looking towards commercial properties as a better long term growth prospect for the investor. Residential homes should be looked upon as more as the family home or very long term investment.

 

 

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