Spring property market seen delayed by political stalemate

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The drawn-out political wrangle to form the next federal government looks set to affect the nation’s real estate market, delaying the start of the key spring auction season and adding further pressure on house prices.

Election officials say the country may have to wait until at least the end of next week before the final make-up of parliament is known and a new government installed. The hold up, and related uncertainty about the broader economy, will alter the timing of some auctions, with a possible flow-on impact for prices.

”The hung parliament will no doubt postpone the start of the season but we are predicting good stock levels throughout the coming months after a delay by vendors to list due to the election,” said Real Estate Buyers Association of Australia president Byron Rose.

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