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The threat of rising interest rates has seemingly put potential homebuyers off taking a dive into the property market.
Auction clearance rates slumped in Sydney, dropping to 57.3 per cent - markedly down from the 64.1 per cent recorded this time last year.
The most expensive property sold in the capital city over the weekend was a six bedroom house in Vaucluse, which went under the hammer for $4.3 million.
The least expensive, was a three bedroom townhouse in Woy Woy, which sold for $242,000.
In Melbourne, the news was a little different. The excitement of the AFL Grand Final stopped vendors from putting their houses up for sale. Just 45 properties were listed for auction this weekend - down from the 775 listed last weekend.
Of the 45 properties listed for auction, 66.7 per cent cleared.
RP Data's national research director Tim Lawless told Real Estate Business that auction clearance rates are unlikely to improve much beyond the current levels for the remainder of spring.
"Clearance rates have mostly been below 60 per cent since the middle of June this year and there hasn't been any evidence that auctions clearance rates are likely to improve.
"With residential market conditions now transitioning out of the growth cycle and moving more in favour of buyers it is unlikely we will see any improvement in clearance rates from the current scenario where clearances are hovering between 55 per cent and 65 per cent week on week," Mr Lawless said.
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