Home-buyers and sellers, in fact the entire housing market, hate uncertainty and the ‘vacuum’ created in the lead-up to the NSW election was a negative, but no longer.
Now with the return of the NSW Coalition Government a big question mark over the state’s future has been removed and will act as a welcome positive for the housing market. We came into 2019 with low market confidence, and that was further eroded by a very unusual set of circumstances that, include the banking royal commission, the NSW State Election and the Federal Election.
Policy changes and a lack of clear state-budget objectives always unsettles the residential market, and last Saturday’s election had to address a few combative issues. These included infrastructure as diverse as hospitals and sporting stadiums and transport policies much of which directly influence the housing market.
However, having a stable government, strong leadership and responsible budget policy for the state is a big win for everyone. I understand that Sydney has looked for years like a city ringed with temporary fencing and populated by hi-visibility jackets but, the delivery of quality infrastructure is welcome, and it takes time to complete.
Saturday’s election results does show that most people understand that progress is being made. The electorate I think has shown it appreciates the benefits of the big-ticket projects underway, and also welcomes the long-term benefits and boost these projects will bring to Sydney and the entire state.
The completion of billions of dollars of infrastructure and the vision of new services they will enable, requires consistent decision making. Just as every resident looks for good government, it’s also much easier to do business in a state with strong and reliable leadership.
Over recent months I’ve been hearing that Sydney and NSW had lost it spark, it’s appetite for progress but I think the election results disprove that idea because we’ve voted for stable government and progress.
Even if at times progress appears slow, we are close the seeing a range of policies pay dividends and this will all boost the housing market.
A lack of clear policy does cause measurable concern and confusion and now I would expect to see a boost in confidence which is essential for a robust economy and strong housing market.