In the midst of a supposed real estate downturn, the Australian property market is experiencing a mini boom in Melbourne and Sydney, with both cities recording strong auction vacancy rates.

Melbourne recorded a clearance rate of 87% from 450 reported auctions, according to data from the Real Estate Institute of Victoria.

Australian Property Monitors reports the Melbourne clearance rate as slightly lower, at 82% while in Sydney it was a healthy 72%.

David Airey, president of the Real Estate Institute of Australia, says the auction results are a good indicator of the market and show activity is not just from first home owners.

"Those properties that are selling at auction are generally not for first home owners. They don't buy at auction, they tend to buy under a contract. That's the amazing thing about the Melbourne market, these are investors and second and third buyers."

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