Melbourne will wipe out all of its pandemic gains by February – the only capital city to do so – as rising borrowing costs dent a market that rose less in the COVID-19 boom, CoreLogic’s latest figures show.
the Reserve Bank of Australia’s eight consecutive interest rate increases
The city then experienced a 17.3 per cent COVID-19-trough-to-peak rise – the weakest increase of all the capital cities in the time of record-low borrowing costs – as a consequence of having the country’s most severe lockdowns, the largest exodus to other states and regions and as a result of the loss of inbound foreign migration.
Perth eked out a 0.1 per cent monthly gain in December for a 3.6 per cent yearly increase but is still 24 per cent above pre-COVID levels.
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