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Is election year having an effect on the housing market?

It is that time of the year where the politicians are trying to one up each other, new parties are popping up and homeowners are awaiting the election result. It is common belief that the election results would affect a homeowner’s decision to buy or sell but in this year of anomalies, is common knowledge still to be believed?

No as it turns out because a recent survey proved that this wasn’t the case at all. Trade Me Property surveyed 1,700 people and discovered that 82% of the respondents claimed that their decision to buy or sell a property is unaffected by the elections.

The idea behind the survey was to find out what New Zealanders thought would happen to the property market in the lead up to the 2020 election. An election that was postponed because of Auckland’s COVID outbreaks.

A spokesperson from Trade Me property said that their data isn’t massively different because 2020 is an election year. A trend that is similar to previous election years.

COVID has been the big factor affecting people’s decision to buy or sell a home, but it is not the only one. Over 52% of New Zealanders said that the decision to buy or sell within the next 24 months will be affected by other events or economic factors. People’s main concerns were around job security, fluctuating interest rates and the idea of a looming recession.

Though this survey was conducted prior to the recent change in alert levels, the figures still give a good indication of New Zealanders’ attitudes towards the housing market. The general feeling is that residents have a positive outlook to the market and that will only be improved by lowering the alert levels.

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