Australian property data analyst CoreLogic RP Data has predicted that the country’s housing market faces a “geographical shift” in 2015. It also says momentum in the market has slowed slightly, with year-on-year rises in November 2014 at 8.5%, down from 11.5% in April.
“While values are still rising at a healthy rate, at least at a high level and in trend terms, we anticipate that 2015 will see the housing market dynamic shift geographically,” says Tim Lawless, head of research at CoreLogic RP Data.
The company’s figures for Australia’s major cities show a likely 12.5% rise for prices in Sydney by the end of this year, with “more sustainable” rises foreseen in 2015. Price rises will slow in Melbourne, too, down from an expected 8% this year, due to the volume of new housing stock coming to market and low rental yields for investors.
“Firm” growth in Brisbane in 2014 of around 7%, up from 5.1% in 2013, means the city is expected to outperform the capital average next year. Modest rises are predicted in Adelaide, Darwin and Hobart, while the weak trend for property in Perth and Canberra looks set to continue in 2015.
