The heat's gone out of the market, Alexander Phillips of Phillips Pantzer Donnelley told SCHWARTZWILLIAMS.

"It's starting to slow up," said Phillips, but said his agency is still getting good results.

Last week, Phillips sold a four-bedroom house at 425 Bronte Road, Bronte, for $5.25 million. The price was higher than the anticipated $5 million.

Related content: Sydney market headed for "a few years of flat capital growth": REINSW

Despite continued strong sales results, Phillips conceded that lower numbers are coming through open houses, and there are fewer bidders at auction.

Sixty per cent of properties are selling before auction, he said.

Phillips said there was "definitely" no signs of a collapse in prices.

The depth of the market means that buyers will come back in as soon as prices show signs of softening, he said. 

"It's going back to a normal market," he said.

Sydney's auction clearance rate back below 70 per cent

Phillips comments are in line with comments to SCHWARTZWILLIAMS by deputy president REINSW, Leanne Pilkington.

"Agents are reporting that whilst buyer numbers are lower than last year, properties with vendors that have realistic price expectations are still selling strongly."

"With a preliminary clearance rate across Sydney of 69.4% from Core Logic and an increase in auction numbers from 826 to 897 there is a stability in the market that should give all involved confidence to move forward with transactions," she said.

Melbourne's clearance rate up to 74 per cent

In Victoria, 992 homes went to auction last week, with a preliminary clearance rate of 74 per cent according to REIV data.

Auction volumes were up on the same period last year, when 890 homes went to auction, however the clearance rate was down on last year’s figures when 78 per cent sold under the hammer.

“Kew experienced solid results under the hammer this weekend, recording an impressive clearance rate of 93 per cent from 14 auctions as well as the city’s top auction sale," said REIV CEO Gil King.

This weekend almost 1,000 homes are expected to go under the hammer in Melbourne, said King.
 
Read more about auction markets:

Sydney market headed for "a few years of flat capital growth": REINSW

Selling up in Melbourne to be mortgage free in Geelong

Twenty per cent of Newcastle sales from Sydney buyers: PRDnationwide