PHOTO: 14 Neath Street, Surrey Hills. Photo: Fletchers Blackburn

Melbourne’s property market had some huge results at the weekend, but one agent has warned that prices could be set to flatten in the coming weeks as the festive season nears.

After the weekend’s 1129 auctions, Melbourne’s preliminary clearance rate sat at 72.8 per cent with 814 reported results received.

AMP Capital chief economist Shane Oliver said Melbourne’s results continued to be strong, though not as strong as Sydney’s, whose clearance rate sat above 75 per cent.

“It’s hanging in there around 70 per cent which is not as strong as at the height of the boom [in 2017],” Dr Oliver said. “I think it’s consistent with the ongoing strength of prices.”

Kay & Burton Armadale partner Michael Armstrong said while there were some strong prices at auction, vendors needed to be aware prices could flatten heading towards the end of the year.