Clearance rates in Melbourne in Sydney are below 70% for the first time this year

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Auction clearance rates have fallen below 70% in Sydney and Melbourne for the first time this year, according to data released by CoreLogic today.

Here’s the final clearance rate by individual capital city last week.

Source: CoreLogic

Nationally, clearance rates fell to 67.5% from 68.2% in the previous week, largely because of a sharp decline in Melbourne, which recorded its lowest reading since July last year.

Melbourne’s clearance rate weakened to 69.8%, down from 73.9%, while Sydney’s rose to 67.6% from 66.4% previously.

Across the remaining capital cities, clearance rates improved in Adelaide and Canberra but fell in Brisbane and Perth. Tasmania’s rate was unchanged.

Turning to the week ahead, CoreLogic is currently tracking 1,878 auctions, down from 2,040 a week earlier.

Melbourne will host 907 auctions with 666 scheduled to take place in Sydney.

The busiest individual suburbs are Craigieburn and Reservoir, both in Melbourne, with 19 properties set to go under the hammer.