100s of 1,000s returned home to Australia during this period.
Plenty of ex-pats came home, but our inflow of people went backwards during the 2020 to 2021 period, which was when we had the sharpest price rises.
Overseas Migration, 2022-23 financial year
Statistics on Australia's international migration, by state and territory, country of birth, visa, age and sex.
www.abs.gov.au
Low interest rates helped price-increases in 2020-21, but the reality is that low supply has been an issue for sometime and even with diminished population growth over that period.
We continued to hand out the same visa numbers over the 2020-21 period and when all of those new and existing visa holders who chose to wait i out the pandemic, as well as the student market came back in 2022, we've seen the sharpest rental increases in living memory and price increases in the housing market last year in spite of interest rate increase after interest rate increase.
Australians are heavily geared and we are susceptible to major economic shocks, but if the shock(s) don't happen, then don't expect prices to crash anytime soon. This thread is now over 5 years old.