The election campaign had ripple effects on the regional market, which saw the public and property experts expressing "serious" concerns over the opposition's proposed changes to negative gearing and the capital gains tax.

Director of Raine and Horne Mathew Longmore said people voted for the party with better property policies.

"When you looked at what has happened in the election, the public has spoken and serious concerns were raised where those changes wouldn't have been great for anyone involved," Mr Longmore said.

"People voted and this will be better for investors and retirees."

One Agency director Colin McGill said business has returned to normal after the market died down for several weeks.

"It's very positive, especially with the first home buyers' incentives, but it's been quite interesting," Mr McGill said.

"It was about eight weeks where there was still interest but it tapered off with investors.

"People weren't sure about Labor, turning over investments and dumping property could have had a ripple effect on housing prices because when more homes come on sale, there is more variety and options."

Mr McGill said many people are likely to be relieved about the election result.

"There was a lot of uncertainty about it and I think that was the problem as people weren't sure about how it was all going to roll out," he said.

"These disruptions come and go and we're lucky out here in Wagga as we seem to roll on OK, but certainly in metro areas there likely would have been a massive effect."

The Australian Prudential Regulation Authority has proposed scrapping a rule that has meant customers taking out a home loan would be able to borrow tens of thousands of dollars more.

The Property Council of Australia has welcomed APRA's announcement of a review of its residential mortgage lending guidance, including the possible removal of the seven per cent minimum interest rate floor.

"This is a welcome and timely move by APRA which recognises the changed circumstances in the current interest rate environment for lenders and the residential housing market," said chief executive Ken Morrison.

"It makes sense to revisit some of the measures originally put in place at the peak of the housing market; different markets need different settings.

"A stable and well-regulated financial system is fundamental to our economic prosperity and it is appropriate that the guidelines for lending standards are regularly reviewed."

The One Agency director said APRA's proposal to scrap a key mortgage rule will have a positive impact on first home buyers, who are crucial to the market.

"Our median price range is obviously lower than the metros but it's positive for first home buyers, who are so important to the market," Mr McGill said.

"Once a buyer is in the market, then they can go to the second and third selling tier and it keeps the market rolling, because without them it slows.

"Getting into the market is the hardest thing to do and by relaxing some requirements, it certainly makes it easier and Wagga has great rental yields and return on investments."

Similarly, LJ Hooker's sales consultant Jason Pearce supported this move and said it would stimulate the market.

"This will make a big difference to real estate as people are currently restricted in their borrowing," he said.

"This is a positive outcome for Wagga."