Economic uncertainty brought on by the recent natural disasters has impacted home buyer confidence.
Just 48.2 per cent of properties cleared at auction in Sydney this weekend, significantly lower than the 68.2 per cent achieved this time last year.
The most expensive property sold at the weekend was a three bedroom house in Punchbowl, which went under the hammer for $1.4million; the cheapest was a $151,000, two bedroom unit in Campbelltown.
And the story was much the same in both Melbourne and Queensland, according to Australian Property Monitors.
In Melbourne, just 61.6 per cent of properties cleared – down from the 75.0 per cent recorded this time last year.
Meanwhile Brisbane achieved a clearance rate of just 23.0 per cent.