Melbourne auction market

Sydney and Melbourne auction clearance rates are languishing as buyer demand softens.

CoreLogic's final auction numbers show that Melbourne's clearance rate fell below 70 per cent to 69.2 per cent last week, the city's weakest result since July 2016.

The Victorian property market is gearing up for what could be the biggest auction weekend in the state’s history, with around 1,900 homes expected to go under the hammer.

“The last weekend in October is likely to see the highest number of auctions held in a single weekend since March 2016," says REIV CEO, Gil King.

The heat's gone out of the market, but the depth of buyers will prevent prices from falling dramatically, says Alexander Phillips of Phillips Pantzer Donnelley.