PHOTO: 2 Railway Crescent, Moonee Ponds. Photo: Brad Teal

Melbourne’s auction market has seen buyers change their tactics from bidding at auctions due to a “fear of missing out” to not bidding at all out of a “fear of participating”, according to agents.

FOMOs and FOPs aside, the first weekend of auctions in May was a mix of frustration and celebration for Melbourne agents.

The weekend clearance rate was 61 per cent in Melbourne and was expected to be adjusted down to just above 50 per cent once all results were through.

It followed the overall April clearance rate results which sat at 50.4 per cent for the month.