With two elections looming for Victorian voters next year, property market insiders are weighing up the consequences for the industry.



A federal election must be held no later than May 2022 and a state election on the 26 November 2022.



KR Peters director Peter Nicolls says traditionally elections slow the property market as buyers adopt a cautious approach to see which party assumes power.



Election uncertainty could feed into an expected slowing of the market next year with prices tipped to cool and plateau in the second and third quarters of 2022.



Labor went to the 2019 federal election promising to wind back negative gearing. The party has now scrapped that position taking negative gearing off the agenda, which Mr Nicolls says is a positive for the market.



On the flip side, a dampener would be the very real prospect of an increase to the rate of the GST. Many economists believe the tax system will have to be tweaked as Australia works out how to repay billions borrowed to support jobs, businesses and the economy during the pandemic. Options include raising the GST to 12.5- or 15 % or the introduction of a death duty tax.



Mr Nicolls said he is also interested to see if either party makes any changes to land tax in Victoria.



NSW is moving towards a new system whereby people have the choice to pay an annual property tax rather than upfront stamp duty and land tax.



"A lot of people don't understand how expensive land tax is," Mr Nicolls said.



"If a similar proposal to the one in NSW was on the drawing board in Victoria, it would offer initial saving to home buyers, but if buyers hold property long term it is going to cost them more."