House prices are likely to grow just 1 per cent this year and apartment prices will decline 1.2 per cent as tighter credit, worsening affordability and increasing supply hit the residential market, National Australia Bank says.
NAB has lowered the outlook for house-price growth in its latest quarterly survey from 2.3 per cent three months ago, as a result of a deteriorating outlook that also suggests fewer foreign buyers in Victorian, NSW and Western Australian markets.
In the 2015 calendar year, the capital-city average growth was 7.8 per cent for houses, led by Melbourne's 11.7 per cent gain and Sydney's 11.5 per cent, NAB said.
The decline in apartment prices it predicts this year – the first time the bank has included unit prices since starting the survey in 2011 – follows a 7.9 per cent across-the-board increase last year, and reflects a flat or falling price of apartments in every capital city bar Adelaide, which will chalk up a meagre 0.2 per cent rise.
Read Full Story: NAB tips apartment prices to fall led by Melbourne
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