PHOTO: Trump missed out by this much. Picture: Getty Source: AFP

Democrat Joe Biden’s win in the US election is set to have a significant effect upon our property market, according to leading industry figures – with one group as standout winners.

The certainty America and the globe now have about the next president in the White House is set to create a flow-on to Australia and other countries, who often take the lead from the world’s greatest economy.

“Democracy is a wonderful thing, the American people have spoken, the battle is now over and we get on with business, First National Real Estate CEO Ray Ellis said.

Where to from here? Picture: Getty

Where to from here? Picture: Getty Source: AFP

“Our economy is strong, we have just enjoyed 33 successive months of trade surplus, interest rates are at record lows and will be for the next three to four years. So this is what Australians will be concentrating on.

“We have always had a great trade relationship with the US and that will continue but the real issue for our market is the impact of COVID-19.

“With travel curtailed, so too will be the activity on our real estate market created from ex-pats returning and immigration and that is a fair percentage.

“However first-home buyers have come back into the market with great enthusiasm and that will continue now. That sector of the market recognises the opportunity there for them.

“It won’t replace the activity that immigration and ex-pats bring but it will greatly cushion it.”

Mr Ellis also predicted Aussies will continue to expand on their homes, with Australia having successfully dealt with the pandemic while many other countries continue to grapple with its health issues.