Major developers of housing estates and apartments have welcomed the recovery in buyer inquiries since the federal election. House prices and starts fell in the lead-up to the May election but inquiries have since jumped for both house-and-land packages and inner-city apartments.
Property group Stockland says the market has opened again with signs emerging that pricing has bottomed and will recover soon. Chief executive, communities, Andrew Whitson, says inquiry levels had jumped 30% in Sydney and Melbourne in the weeks after the election.
Apartment developer Crown Group says the market has been recovering, with further loosening of credit expected to drive sales at its projects in Sydney, Melbourne and Brisbane.
CommSec chief economist Craig James says the housing market continues to rebalance, with first-home buyers taking a greater share. “First-home buyers were active before the election and they have every reason to be out in full force post-election,” he says, tipping also that the investor market could show some life.