The main correction happened in 2011-2012 where prices were down almost 10%.
No doubt after this run there'll be a pull back, not sure if it'll be anything like the 2011-12 correction though.
That's right. In Sydney, it's the west that's moving quickest. Its clearance rates are actually in the 90s.
In Melbourne, the west is the drag on the market right now. Without the west, clearance rates will be in the 80s.