SIGNS of a property recovery have emerged with Sydney, Melbourne and Adelaide recording strong auction clearance rates over the weekend. The city's auction clearance rates bottomed out in 2004 at 33per cent -- a 15-year low -- and remained weak right up until December, when clearance rates were hovering at 40 per cent. House prices fell throughout 2004 and 2005.
Australian Property Monitors research director Louis Christopher said the clearance rate for Adelaide was 73.9 per cent while the rate for Melbourne was 56per cent.
Clearance rates for the rest of the country are not available until later this week, but Australian Property Monitors said they too were expected to increase.
"Clearance rates are higher than last year in most capital cities," Mr Christopher said.
"Overall, we are still in a weak market. It is still a buyers' market. But it is looking more and more likely that we are at the bottom of the downturn now."
Sydney's clearance rate of 62.8per cent was the city's highest for two years and represented a significant increase from the previous week's 51.1 per cent.
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