The Gold Coast property market may be getting an unexpected shot in the arm from the federal election.
After a quiet finish to 2018, during which the median house price rose by only 1.6 per cent and units were down slightly by 1.2 per cent, Ray White Surfers Paradise CEO Andrew Bell has noted an increasing sense of urgency among buyers eager to lock in a purchase sooner rather than later.
These buyers were factoring in a change of government at the next federal election and the likelihood of changes to the tax treatment of investment properties, as previously signalled by Labor, he said.
“Elections often create uncertainty in the market, but this time it’s a little different because of proposed changes mooted by the Labor Party,” Bell said.
“The market is well and truly factoring a Labor victory and the likelihood of major changes to the taxation regime for property owners.
“Many are buying now to take advantage of the grandfathering provisions proposed by Labor for existing properties.”