Five buyers competed for 1930s Canterbury offering, with auction clearances above 60% in Melbourne and Sydney

Melbourne's weekend clearance rate of 62% was lower than the previous weekend's 63%, but higher than the 55% on the same opening spring weekend in 2011.

There were 455 auctions reported to the Real Estate Institute of Victoria, which expects around 540 auctions next weekend.

Marshall White vendors secured an 82% success rate, with one property selling before auction, and 17 further properties sold under the hammer.

The sales included the highest result for Melbourne – a substantial 1930s residence at 15 Torrington Place in Canterbury, which sold for $3.25 million after being contested by five bidders.

Its reserve was exceded by $340,000 by Marshall White selling agent James Tostevin, who has sold 11 out of his last 13 auctions – with nine having at least two bidders.

''I think the market's evenly priced. It's not slumping but it's not increasing either. People can upgrade with some confidence so long as they're realistic about their property's value,'' he told Fairfax Media.

Another prestigious property at 13 Millicent Avenue, Toorak, exceeded its reserve by $425,000 to sell for $3.16 million through Marshall White.

But the most valuable property going to auction, 779 Orrong Road, Toorak, was passed in on a $7 million vendor bid by Kay & Burton.

The weekend results indicate healthy buyer interest but also a much lower level of stock than normally seen on the market at this time of year, according to Marshall White director Justin Long.

Sydney's weekend clearance rate of 63.9% was higher than the previous weekend's 61.8%, but higher than the 51.8% on the same opening spring weekend in 2011, according to Australian Property Monitors.