Investors in the big four banks should not expect to see much share price growth over the next year because they traditionally spin their wheels during times of falling house prices, says the boss of the $7 billion listed investment company Argo Investments.

Jason Beddow, the managing director of Argo, said the big four banks are in solid shape from a balance sheet perspective and are likely to keep dividend payouts at reasonable levels. But history shows that when house prices fall in Australia the big four – Commonwealth Bank, ANZ, NAB and Westpac – do not make much headway when it comes to share price gains.