With 2,245 homes taken to auction across the combined capital cities over the weekend, a clearance rate of 61 per cent was returned, slightly lower than the same time last year when 2,409 homes went under the hammer with a stronger clearance rate of 72.8 per cent. 

But while clearance rates are cooling off slightly, its the 'trophy' market in both Sydney and Melbourne that is performing at a higher level, as buyers seek 'safe haven' suburbs.

Buyers are seeking out the best suburbs they can afford, recognising this strategy gives them the best chance of maximising capital growth without risking a drop in the value of their property, according to agent from The Agency - North, Scott Thornton.

CoreLogic

Sydney

'Niche' properties performed best over the weekend, with renovated houses in great locations and blocks with huge development potential proving popular with buyers. Inner city regions, the inner west and the eastern suburbs also out performed suburbs farther out.

President of the REINSW, Leanne Pilkington, said that while the Budget didn't include specific measures for property, it was positive for buyers. 

"Although the Budget didn't include any specific measures for property, it did not include the mooted changes to CGT or negative gearing, meaning it was in fact a positive budget for property owners and buyers," she said.

"Agents are confirming an ongoing softening in price and buyers without the urgency that characterised last years boom," she said.

Melbourne

Preliminary clearance rates were also slightly down on last week. A clearance rate of 63 per cent was recorded across 807 auctions reported to the Real Estate Institute of Victoria (REIV), down on the 66 per cent reading the week prior. 

Inner city Melbourne suburbs recorded solid results with an average clearance rate of 66 per cent. 

This four bedroom home in Glen Iris sold at auction over the weekend through Jellis Craig. View this property on Luxury List.

"There were significant sales at the top end of the market, with houses in Brighton fetching $4.2m and $3m respectively," said REIV CEO, Gil King.

"There was action in apartment sales too, with one property in each of Toorak, Richmond and Hampton selling for north of $2.2m," he said.

Given the fact a large number of auction results were unrecorded in both cities, and the tendency of final clearance rates to be revised lower as late results are reported, its likely both Sydney and Melbourne will see final clearance rates fall below 60 per cent later in the week, according to CoreLogic. 

"Clearance rates continue to lag behind record highs of 2017," King said.

Agent from Richardson&Wrench, Daniel Cook, told WILLIAMS MEDIA buyer's aren't as confident as they were.

"My understanding is across thirty inspections on Saturday, the buyer confidence isn't where it used to be. Most transactions on the Upper North Shore are being done by private treaty or sold before the auction. We're not banking on the auction to give us a result, due to a lack of buyers," he said.

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