Australian auction clearance rates haven't been this low in nearly a year

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Australia’s property market continues to cool with capital city auction clearance rates this week falling to the lowest level seen this year.

Here are the final clearance rates released by CoreLogic earlier this morning:

Source: CoreLogic

At 66.7%, the weighted-capital average was fractionally below the 67.8% level of the previous week, marking the weakest result so far in 2017.

Melbourne, usually the largest auction market across the country week-to-week, saw its clearance rate drop to 71.0%, the lowest level since July 2016.

Sydney, after falling to a more than one-year low of 67.7% in the previous week, saw its clearance rate tick up to 68.0%.

Auction volumes in both cities were substantially higher owing to the Queens Birthday long weekend the week before.

Elsewhere CoreLogic said that clearance rates fell week-on-week across the remaining capital cities, with the exception of Adelaide where it improved slightly.

Looking to the week ahead, the group says that it is currently tracking 2,172 auctions across the capitals, down from 2,444 last week.

Melbourne and Sydney are the two busiest markets with 969 and 863 auctions scheduled.

“Reservoir in Victoria is the busiest suburb for auctions across the nation this week, with 18 properties set to go to go under the hammer, followed closely by Craigieburn (16), and Glen Iris (14) both also in Victoria, and Mosman in New South Wales with 13 auctions,” says CoreLogic.

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