Though Melbourne still has the strongest auction market in the country, both clearance rates and volumes are down on the same period last year. Melbourne's clearance rate was 75 per cent last week, according to REIV data, and a total of 877 auctions were held. The numbers compare with 1,058 auctions for the same weekend last year, when 77 per cent sold.

“The city’s auction market continues to perform strongly with vendors experiencing solid results under the hammer, particularly in inner city suburbs," REIV CEO, Gil King, told SCHWARTZWILLIAMS.

Glen Waverley sold 11 properties under the hammer, the highest number in the city, but St Kilda East recorded the best clearance rate with all 10 listings selling. 

“The last weekend in October is likely to see the highest number of auctions held in a single weekend since March 2016, with at least 1,600 homes going under the hammer," he said.

Simon Gowling of Greg Hocking Holdsworth told SCHWARTZWILLIAMS, the market isn't at the "white hot" levels it was at last year and at the beginning of this year, but it's still a "good market".

"Now the sun's out and the birds are chirping" buyers are returning to the market, he said.

On the weekend, Gowling sold a four-bedroom house at 307 Beaconsfield Parade, Middle Park for $6.37 million. Gowling said there were two bidders for the Middle Park home, and the eventual buyer was a local.

The property was one of three he sold for multi-million dollar prices on the weekend.

Sydney clearance rates likely to remain below 70 per cent during spring selling season: John Cunningham, REINSW

Sydney's auction clearance rate was just under 70 per cent last week.

"The steady decline in auction clearance rates this past four months has been predicable when looking back at all other post boom periods," REINSW president John Cunningham told SCHWARTZWILLIAMS. 

"We are now back to the levels of early 2013 when the boom kicked into gear," he said.

"With the dramatic increase in stock the market has experienced these past few weeks, the coming month of the peak auction selling season is unlikely to see any change in the figures," predicted Cunningham. 

"We are seeing a city of two markets emerge in Sydney with many locations experiencing lower buyer demand and high volumes of listings, while at the same time other locations are still in high demand low supply mode. The later locations are still seeing upward pressure on prices whilst the former are seeing values clawed back to late 2016 levels."

Sales in Sydney's inner west remain strong, with a four-bedroom house at 9 Phoebe Street, Balmain selling for $4.75 million through Monique Dower and Rita Lopresti of Belle Property Balmain.

Sydney's inner-west achieved a clearance rate of 82 per cent from 82 sales.

Source: CoreLogic.

Read more about auction markets:

Melbourne auction market outperforming Sydney

Hobart property market has "changed forever": Jim Playsted, Knight Frank

Sydney's eastern suburbs "back to a normal market": Alexander Phillips, PPDRE