The warm spring weather is doing little to entice potential home buyers to the property market.
According to Australian Property Monitors, auction clearance rates in Australia’s capital cities stayed well below long term averages.
In Melbourne, 59 per cent of properties cleared over the weekend – down from the 81 per cent achieved this time last year.
Real Estate Institute of Victoria chief executive Enzo Raimondo said the result, while not great, was consistent with the market's performance since the latest interest rate increase.
“There was a total of 893 auctions reported this weekend of which 531 sold and 362 were passed in, 234 of those on a vendors bid,” Mr Raimondo said.
But while there is a distinct lack of buyers in the market, there is surplus of properties for sale.
Mr Raimondo said he expected to see more than 1,000 properties up for sale in each of the next three weekends leading up to Christmas.