Economist predicts flat housing market activity for 2015

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A senior economist claims the country’s housing market may see a “year of flat activity” next year, after 2014 saw a “year of moderation”.

Andrew Wilson of Domain Group predicts the flat activity will happen next year; a total opposite of what happened in 2013 where he said it was a year of expansion and strong price growth.

Wilson added that most markets next year will struggle to grow faster than inflation, except for Sydney, which is to remain Australia’s best-performing market. He expects the city’s growth to be at least twice the inflation rate.

“Although the case is growing for an official rate cut in 2015, without improved economic conditions and a return of incomes growth and confidence, this is unlikely to have a significant impact on housing markets,” he was quoted as saying in Real Estate Business.

House price growth for most capital cities will hover around the inflation rate in 2015, but the rate of growth in each city will depend on local supply-and-demand factors.

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