Booming double-digit house price growth could screech to a halt, according to Stockland, one of the country’s biggest residential developers, which is now forecasting rates of growth closer to 1 per cent.

Stockland chief executive Mark Steinert said while population growth and undersupply would underpin demand, he expected that the pace of growth in prices would slow, allowing the development of more affordable houses and apartments.

‘‘We don’t expect the rate of price increases we’ve seen in the last 12 months [of between 10 and 11 per cent] to continue at that rate,’’ Stockland chief executive Mark Steinert. Credit:The Age

‘‘We don’t expect the rate of price increases we’ve seen in the last 12 months [of between 10 and 11 per cent] to continue at that rate,’’ Mr Steinert said at the release of the group’s full-year result on Monday.

‘‘Metropolitan Sydney has been the strongest market due to undersupply and strong demand, with repeated sellouts at Willowdale, Calleya and Elara mixed-use developments,’’ he said.