More than one in two putting off home purchase decisions until after September 14 election: QBE LMI survey

The long lead time to the federal election is creating uncertainty in the minds of prospective buyers with more than one in two delaying purchasing decisions until after the September 14 federal election.

Around 56% of the 1,107 people surveyed by QBE LMI for its latest Mortgage Barometer Report said they would delay purchasing until after the election.

Around 30% said they want to see what economy is like post-election while nearly one in five (18%)  wanted to see who would win before buying – this despite only 14% of those surveyed expecting a Labor victory.

Other questions asked around the election, revealed that nearly three in four respondents (72%) believe the election will have no impact on the official cash rate.

However, perhaps signalling expectations around a more conservatively minded Coalition government, of the majority of respondents who think the Liberal National Party (LNP) will win, 21% say rates will rise after the election and only 8% say they’ll drop.

For those who think the Australian Labor Party (ALP) will win, 8% say rates will rise after the election, 20% say they’ll drop.