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Last week's interest rate rise has scared off home buyers as auction clearance rates plummeted in both Sydney and Melbourne.
In Melbourne, the auction clearance rate dropped to just 61 per cent – the lowest turn-over since mid-December 2008.
Real Estate Institute of Victoria chief executive officer Enzo Raimondo said the latest hike had a very quick and hard impact on buyer confidence.
"Some buyers will be concerned that more banks will increase rates independent of the Reserve Bank," he said.
In Sydney, the story was much the same with the clearance rate falling to 54.6 per cent, according to Australian Property Monitors.
The most expensive property sold in the capital city this weekend was a six bedroom home at Northbridge, which went under the hammer for $3.6 million.