"The Sydney Auction market took a leap forward this past weekend," John Cunningham, president of the REINSW, told SCHWARTZWILLIAMS.

Sydney's preliminary clearance rate was 67.4 per cent, according to data from CoreLogic, which is a "strong spike", said Cunningham.

Source: CoreLogic.

Sydney's strong preliminary clearance rate last week was "particularly encouraging considering the final rate was below 60 per cent for the first time the week before, once results filtered in," said Cunningham.

Sydney's final clearance rate last week was in the 50s for the first time since January 2016, according to CoreLogic.

Source: CoreLogic.

"The weekend's results have indicated that it is more likely a case of sellers accepting the current market and setting more realistic reserves, as opposed to buyers competing at a higher level," said Cunningham. 

Some markets fared batter than others, he said.

"Within the same localities on the weekend there were properties selling over reserves with multiple bidders, whilst just around the corner there were no bidders at all."

"This is further proof that the market is finding its comfort level," said Cunningham, "the level where buyer interest turns into buyer engagement."

Cunningham said it is essential that agents price their properties appropriately for the current market.

"Not all properties will find this [buyer engagement] unless there is price alignment to buyers' perceptions of value. Buyers are being discerning," he said.

"They are after value, but they are prepared to buy, and this is evidenced in the amount of sales transactions happening over this spring period. Many agents are recording stock levels at 50 per cent higher than spring last year, and some are seeing sales volumes up by 20 per cent to 30 per cent, it is just taking longer to get some of them over the line," he said.

Fewer properties went to auction last week across the combined capital cities, after last week's volumes reached their highest levels so far this year of 3,713.

Melbourne market

Melbourne saw the most notable decrease in volumes, most probably because of tomorrow's Melbourne Cup. A total of 220 auctions were held over the weekend, with a preliminary clearance rate of 76 per cent recorded, according to REIV data.

Both figures were down were down on the pre-Melbourne cup weekend last year, when 533 homes went under the hammer and a clearance rate of 78 per cent was recorded.

“While the auction market was quiet this weekend due to the Melbourne Cup, volumes are set to bounce back with multiple Super Saturdays throughout November," Gil King, CEO of the REIV told SCHWARTZWILLIAMS.

“Auction volumes in the city’s outer suburbs continue to grow, with areas more than 20km from the CBD accounting for 40 per cent of all auction sales this weekend," he said.

Darwin auction market

Darwin recorded a clearance rate of 55 per cent on the weekend.

"We've had a sticky market for most of 2017," Karl Secondis, agent with One Real Estate, told SCHWARTZWILLIAMS. "But we are noticing more confidence coming through."

Secondis said he and other agents are beginning to notice higher number at open homes, which is a good indiction of confidence, he said.

"There are some skeptical buyers out there who say the market will continue to fall, but there are others saying there are some really good buying opportunities," he said.

Read more about the nation's auction markets:

The Block auction results positive sign for Melbourne market

A tale of two markets: Sydney's Upper and Lower North Shores

Melbourne gets set for biggest auction weekend in 18 months