Data from Australian Property Monitors (APM) found that 57.4 per cent of properties in Sydney cleared over the weekend – down from 62.7 per cent achieved this time last year.
In addition, listings in the NSW's capital city were down by 70, when compared to last year’s 538 properties.
The most expensive home to be sold in the capital city was a two bedroom unit in Birchgrove, which successfully sold under the hammer for a touch above $2.5 million.
In contrast, the most affordable property sold at auction this weekend was a three bedroom house in Campbelltown, which went for $274,000.
The story was much the same in Melbourne, where 57.1 per cent of properties cleared – down from 66.5 per cent last year.
Moreover, only 72 properties were sold under the hammer over the weekend, a far cry from the 428 properties during the same week last year.
The lack of activity comes as little surprise to industry commentators, who had expected the traditionally hot spring selling season to be delayed by a month or two this year.
Speaking to Real Estate Business, Raine and Horne chief executive Angus Raine said depending on what the RBA does for the rest of the year, potential property buyers are likely to sit on their hands and wait and see if property prices fall further.
“There will be a delayed spring selling season, which will go all the way through until December," Mr Raine said.
“Buyers are being very cautious at the moment, they are taking a ‘wait and see’ approach to property and I think that is unlikely to change any time soon.”
Brisbane had some positive results over the weekend, with 42.1 per cent of properties listed selling at auction - up 11.7 per cent on the previous weekend.
Clearance rates in Adelaide fell signifcantly over the weekend, with 23.8 per cent of properties selling under the hammer - down 24.8 per cent on last week's results.