Canberra's real estate market has a more "optimistic" outlook in the wake of the surprise federal election result, industry groups say.
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As the dust settles on the Coalition's victory, property groups say Labor's defeat, coupled with a likely loosening of home loan lending rules and incoming first-home buyer support schemes, could be a boost for owners and buyers in the national capital.
The ACT's real estate market is experiencing a modest downturn after years of strong and uninterrupted growth.
Canberra house prices dropped 2 per cent in the 12 months to March, while the number of first-home buyers securing loans has dipped to its lowest point in more than two and a half years. Dwelling approvals rose slightly in March, but are down significantly compared to the start of 2018.
The subdued local market placed added emphasis on the federal election, where Labor was promising a major shake-up of the sector via changes to negative gearing and capital gains tax.
The Master Builders Association commissioned research that showed Labor's housing policies could result in up to 900 new homes not being built in the ACT, costing up to 680 full-time jobs.
The chief executive of the association's ACT branch, Michael Hopkins, said the Coalition's victory would give certainty to the industry, which had been bracing for the election of a Bill Shorten-led Labor government.
"I think in the ACT, the building industry will have a more optimistic outlook," Mr Hopkins said.
Housing Industry Association ACT executive director Greg Weller said less than a week after the election, builders were already reporting an increase in inquiries from prospective buyers.
"I think there had been people holding out to see the result of the election. [The result] has been a bit like the release of a pressure valve," Mr Weller said.
He said buyers would also benefit from the planned introduction of a new first-home buyer deposit scheme, which the Coalition announced, and Labor quickly matched, in the election campaign's final week.
Under the scheme, the government will offer loan guarantees to allow first-home buyers to purchase properties with deposits of just 5 per cent - rather than the usual 20 per cent.
The ACT government will usher in its own new first-home buyer support scheme on July 1. A $7000 first-home buyer grant will be abolished, with the government to instead waive stamp duty on all property transactions for people with a household annual income of less than $160,000.
The Real Estate Institute of Australia's ACT branch president, Michael Kumm, said the introduction of the two schemes could give renters the boost they need to break into the property market.
Separate moves flagged by the Australian Prudential Regulatory Authority and Reserve Bank of Australia could also trigger renewed activity in the property market.
The Australian banking regulator on Tuesday announced plans to relax the assessment rate for home loans, which would essentially allow home owners to borrow more money.
At present, lenders are required to assess whether a borrower can make their repayments with a minimum 7 per cent interest rate.
Under the new proposal, banks would be allowed to set their own minimum rates.