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Recent figures reported by the Real Estate Institute of Victoria (REIV) reveal that the number of auctioned homes has fallen in the last 12 months.
This time in 2011 there were 480 properties going under the hammer, while the same weekend this year now only has 390 up for grabs.
Even greater is the contrast from this weekend in 2010 - bidders had 577 properties to choose from.
With a clearing rate of 68 per cent compared to the current rate of 53 per cent, property pundits are speculating about the market.
The difference can be attributed to consumer confidence, says the REIV. Vendors are waiting for a better opportunity to sell, but at the same time, those who are shopping have less options to choose from.
Figures from the Australian Bureau of Statistics data show the opposite however, with building approvals in the state rising substantially in the month of May.
The interest rate drop - held steady at 3.5 per cent at the last Reserve Bank of Australia meeting - may also prove to encourage more buyers back to the market.
