The first Super Saturday of the year returned auction clearance rates above 70 per cent in both Melbourne and Sydney.
Across Australia as a whole there were 3275 homes that went under the hammer, recording a national clearance rate of 70.5 per cent.
On the corresponding weekend last year the nation recorded a higher clearance rate of 78.4 per cent.
In Melbourne we recorded a clearance rate of 71.7 per cent from 1610 auctions.
Louis Christopher from SQM Research told Australian Financial Review he expects the final clearance rate to drop this week when all listings are finalised.
“It was a good test for the market,” he said.
“The information shows that the market is in balance.”
“It’s a fair absorption given the strong volumes that went through. It could have been a lot worse.”
Mr Christopher said the property market was well balanced.
“I don’t see that either buyers or sellers are driving the market now,” he told AFR.
“It is weaker than where we were last year.”
“It’s a market where it’s hard to see a lot of price gains occurring.”
Around the rest of the country, the CoreLogic figures show Adelaide standing out with a clearance rate of 75.9 per cent from its 107 auctions.
Things were tougher in Perth and Brisbane which both recorded clearance rates in the low 50s.