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Home buyers say July General Election will not impact plans

Australia home buyers

Analysis of year-on-year buyer demand changes around the 2015 and 2019 elections also highlights steady activity in the run up to a vote

New data from Rightmove reveals that 95% of people planning to move home say the July General Election will not affect their plans.

Analysis of year-on-year buyer demand changes around the 2015 and 2019 elections also highlights steady activity in the run up to a vote.

Demand is measured by the number of people sending enquiries about properties for sale on Rightmove, and YoY change has been used to remove the usual seasonal highs and lows in the market.

In the two months leading up to the May 2015 election, buyer demand rose by 5% year-on-year in March, and by 6% in April. During the election month, demand rose to 9% YoY, with the rise moving to 18% up in June, as the market benefitted from a post-election boost.

In 2019, buyer demand remained steady in the months before the election, rising by 1% year-on-year in October and 4% in November. During the election month in December, demand was up by 13% YoY, followed by a 14% rise in January 2020.

Tim Bannister, Rightmove’s property expert, says: With the date now set for a summer general election, we expect that housing market activity will remain stable in the lead-up to the election based on previous patterns. This is further supported by the current attitude among home-movers, with the majority indicating that the election will not affect their plans.

He added: Over the last four years, home-movers have faced numerous challenges, including a global pandemic, a shortage of housing supply, and rapidly changing prices. For many, 2024 is finally the year to make their move, and they are determined to proceed with their plans to secure their next home.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Invest for Property. The information provided on Invest for Property is intended for informational purposes only. Invest for Property is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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