Property prices fluctuate and go in cycles, sometimes different areas, states, types take off whilst other places stagnate.
Politics whilst not always a factor does influence markets. Sydney and Melbourne went ballistic due to cheap money and immigration population creating buying pressures. At the same time other places, states markets were barely moving.
Rather than increase interest rates to curb demand Government put pressure on banks, lenders and coupled with the Banking Royal commission and Labor's changes created a perfect storm for a sharp correction in property prices.
So what now. Labor defeated and no change to negative gearing and Capital Gains Tax. State leaders from States not doing well eg WA. are screaming for a relaxation of the buffer imposed on bank lending eg the 7% what if rate. Confidence may return to market after the fear generated by Labor and a new Prime Minister trying to establish himself. Great result, just maybe after years of incompetent or impotent Government the market can return to stability.
Governments Liberal or Labor do not create booms but they sure can stuff/ up markets.
