Melbourne's property market spooked but steady

Recent events in the Australian stock market may have had an impact on the property industry over the weekend, according to a Melbourne real estate agent.

Speaking to The Age, Glen Coutinho - a director at real estate firm Hocking Stuart - explained that attendees at auctions seemed to be a little more nervous and hesitant to bid than in past weeks.

Over Saturday and Sunday (August 6 and 7), 460 auctions where held in metropolitan Melbourne, generating a clearance rate of 57 per cent.

This figure is consistent with the 6 percentage point fluctuation recorded in this area since May, with between 52 and 58 per cent of properties being sold at their auction.

While some might say this shows that people are still looking to buy at auctions, it is still a lower rate than those recorded at the same time in previous years.

In 2010, the clearance rate for actions measured 67 per cent, while in 2009 it was 85 per cent. The different number of properties available at the time - 544 in 2010 and 424 in 2009 - do not seem to be a factor in these changes.

These figures may provide some food for thought for real estate professionals at upcoming property conferences.