Confidence in the property market fell much further than it should have, Janusz Hooker tells Meet the Press

"When you start seeing trophy sales, like you start seeing recently in the $20 to $30 million range happen, it means the ... super luxury and holiday end of the market is on the move, and this doesn't happen unless the core markets are doing very well," Janusz Hooker told the panel which included The Daily Telegraph's property writer, Kirsten Craze.

"If you see in an Australian context the big players moving in and starting to buy again it means they're confident and that confidence is a good example of that showing right through to all of the markets."

He said confidence in the property market fell much further than it should have, and was now coming back to more normal levels.

Mr Hooker said overseas investors were now looking to Australia as a stable market in which to invest in real estate.

"If you look at the Australian property market throughout the global financial crisis, our property market performed better than any other developed nation on the planet," he said.

"(Foreign investors are) feeling a little more confidence with their domestic portfolios, and they're looking at the Australian market going 'it's been doing quite well, it's been moving the last quarter and now we start seeing a trend going upwards'."

Mr Hooker suggested that Sydney was the first capital city set to experience the uplift with sales back up to peak 2010 levels, followed then by Canberra and Perth.

It was suggested that Brisbane was the slowest capital city to recover at around 10% off peak levels, along with Melbourne, Darwin, Adelaide and Hobart also yet to regain previous price peaks.

"It's those major metros that still have quite a bit of recovery, between five to 10% to do, but that provides an opportunity because there's still deals to be done there that are below their peaks," Mr Hooker told viewers.

SQM property research director Louis Christopher told the program that the property recovery was real, but it was not nationwide.

Louis Christopher also warned of "dodgy" auction statistics.