An auctioneer in action. Picture: Melanie Russell Source: The Australian

Agents in Melbourne sold a mammoth $341.9 million worth of property on Saturday, clearing 70 per cent of the 658 properties up for auction, according to the Real Estate Institute of Victoria.

Melbourne's dearest sale on Saturday was a four-bedroom, 3040sq m family property at Ivanhoe for $4.3m. The cheapest, a three-bedroom house at Rockbank, went for $237,000.

Sydney auctioneers cleared 72.5 per cent of their 316 listed properties, with the most expensive - a six-bedroom federation-style home in Burwood - selling for just under $4.2m, according to Australian Property Monitors.

APM head of research Yvonne Chan said the strong results came on the back of unusually high levels of stock in the marketplace, especially for winter.

Ms Chan said the effect of interest rate rises and the withdrawal of stimulus had forced many first-home buyers out of the market, creating higher demand for rentals.

In Brisbane, a less conventional market, 48.8 per cent of 58 properties were cleared, up from 12.1 per cent of 50 properties a year ago.

Half of Adelaide's auction properties were sold, down from 61.9 per cent the previous year.

Read more about auction spike signaling fears of a spring slump at The Australian.