Sydney out on its own, but no 2015 housing crash: HIA's Harley Dale
Harley Dale, chief economist at the Housing Industry Association, acknowledges that Sydney is out there on its own.
“Everybody will remain in a tizzy about Sydney through the rest of the year," he said.
But while Sydney and
Melbourne will continue to record strong growth in housing prices, Dale says most
other markets in Australia will register little or no price movement
Increased unemployment and stagnant household incomes
will outweigh cheaper home loans and investor appetite so he expects national house price growth will slow down over the next 12 months even if some pockets in capital cities post another bumper return for the period.
“There are literally thousands of property markets around Australia,” Mr Dale told The New Daily.
"Sydney looks to be well out in front, Melbourne is kind of in the race, Brisbane is accelerating from effectively last place, and the rest have some training to do.
"National housing price boom – rubbish!”
National price acceleration is unlikely.
"Headlines of a ‘national housing price boom’ will remain erroneous and, at times, almost irresponsible, because there are negatives as well as positives.
“Sydney is an ‘out there’ market which is outperforming now following a decade of underperformance," he said.