December 2020: clearance rates above 80% — the recovery is real

CoreLogic's combined capitals index rose 1.0% in December 2020 — the strongest single month since 2003. Sydney clearance rates ran 78–83% through the back half of December. Listings were 26% below the five-year average.

Every condition for a vertical move was now in place: 0.10% cash rate, sub-2% fixed mortgages, HomeBuilder pulling forward demand, supply 25% below trend, and savings rates near record highs. Investors who hadn't moved by Christmas were about to chase a market that ran 22% in twelve months.