Sydney's weekend clearance rate was 73% according to Domain, with just under 600 properties scheduled for auction.

In Melbourne, 1,065 properties were scheduled to go under the hammer, and a clearance rate of 75% was recorded.

CoreLogic data shows that 2,419 auctions were held around the country, a 26% rise from the previous week, and the fourth-highest volume so far this year. The clearance rate nation-wide was 68%.

A year ago the market was experiencing boom conditions, with clearance rates in Sydney and Melbourne above 80%.

The most expensive property sold in Sydney was a three-bedroom apartment in Elizabeth Bay, which McGrath sold for exactly the $7 million reserve. In Melbourne, the most expensive property was a five-bedroom house which Jellis Craig sold at auction for $5.1 million.