The clearance rate is 16 per cent less than for the same weekend last year, however double the amount of homes were put to the market.
At auctions this weekend, agents reported poor turnouts, fewer bidders, resistance to negotiate and a generally high level of caution.
Next weekend a high number of 1400 homes will be put to auction in Melbourne, ahead of a break over Easter.
This week the Reserve Bank of Australia lifted interest rates for the twelfth consecutive time. The decision has created turmoil in the outer suburbs, where median prices are expected to fall over this year but until recently, not dented the market for properties north of $350,000.
The RBA is widely tipped to lift interest rates again in May – in a move which will edge bank interest rates closer to 10 per cent.