Clearance rates in Sydney and Melbourne held above the psychologically important 70% level over the weekend. 

In Sydney, 523 properties were listed for auction, and a clearance rate of 70% was recorded, according to Domain.

In Melbourne, 702 properties were due to go under the hammer, and a clearance rate of 76% was achieved.

The volume of properties for sale are down considerably on last year.

Chris Serrao, of Raine & Horne Double Bay / Bondi Beach, said, "Last week we had 12 properties go up and they all sold. In the last month we've had a clearance rate of almost 100%. There's not a lot of stock on the market, so that's driving sales and prices."

Serrao said that buyers held back as the market slowed down over the holiday period, and after a period of booming prices. Now, they're looking to come back in. “Everyone’s waiting for new stock to come onto the market, but no stock has come in!” he said.

Clearance rates were only 49% in Brisbane, 59% in Melbourne, and 57% in Canberra.

A notable auction this week was that of former Treasurer, Joe Hockey, who sold his heritage protected Canberra property for $1.5 million. The property was passed in at auction, but sold after negotiation with an interested party.