What the Labor win means for real estate in the Adelaide Hills
With last month’s Labor state election win, there’s a lot of commentary around what that means for the property market.
There’s always a great deal of noise and political posturing during this time, so it’s best to consult with a local real estate team to help make sense of it all.
You can book a call with our team of real estate agents and property managers anytime.
Here’s our take on the win:
Our hope is that we can build on our nation leading unemployment and economic growth. Labor has made a number of big election commitments for our electorate, and we’d like to see these promises are delivered on.
The two big campaign goals were:
- A $200 million infrastructure plan which we really need. This plan currently includes fixing the Adelaide and Hawthorn Road intersection, a 24/7 pharmacy, new Mount Barker High School and TAFE, and police station.
- Removing stamp duty for downsizers for new builds/constructions, up to $2 million. This applies to people aged over 60, purchasing new or off-the-plan dwelling to live in, selling their existing home, and buying land or apartment size smaller than current property.
Wiping the stamp duty will assist in creating new housing supply, as well as add productivity to the state.
There’s also the promise of South Australia’s first Portable Rental Bonds Scheme. What remains to be seen is how effective the proposed scheme will be. The current Rental Bonds Online website and infrastructure is lacklustre at best and tenants deserve better.
Other policies include a $1B fast-track fund, 2,000 rent-to-own homes, and expanding HomeStart’s low-deposit home loans. We’ll keep you updated on what we’re seeing/hearing on the ground, and how this impacts those making a move in the Adelaide Hills this year.
Make sure you’re on our list – we’ll keep you up to date on what’s happening in the Hills.
