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Mebourne's auction clearance rate was steady again on Saturday (March 15) at 67 per cent.
The rate is significantly lower than the clearance rates of more than 80 per cent, recorded in the last quarter of 2007.
During this busy weekend for auctions in Melbourne (between two public holiday periods) - a total of 1,221 homes were auctioned - about triple the amount put to the market last week.
Real Estate Institute of Victoria chief executive Enzo Raimondo said the most recent clearance rate is an indication the market is holding steady, albeit at a lower rate than they are used to.
Neil Laws, REIV President said that there were a record number of auctions scheduled for Saturday March 15.
He said one of the reasons there are so many auctions scheduled is that this weekend is sandwiched between the Labour Day long weekend and Easter.
In a release posted on the REIV's website, he said: “The other reason there is such a high number is that there has been a large increase in the number of auctions compared to last year. Including those scheduled tomorrow Melbourne has seen 5,045 auctions compared with 3,263 this time last year, 35 per cent more.
“With such a large increase in supply, and the numerous interest increases it is not surprising that the clearance rate has dropped from the record highs of last year.
“When analysing the strength of the housing market it is also important to appreciate the overall state of the economy.
“Rising interest rates and inflation have influenced households purchasing power and consumer confidence. Buyers have become more cautious and are concerned about their ability to pay for large loans if interest rates continue to increase.
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