The sharp decline in Sydney auction clearance rates seen over the last few months appears to have stabilised. The market achieved a 58.1% clearance rate over the weekend, an improvement on last week's rate of 57.5%.

But the rate was still well below the 75.0% clearance rate recorded at the same time last year, and marks the fourth consecutive week in a row that Sydney's clearance rate has been below 60%. Sydney hasn't had such a poor run since mid-2012.

In Melbourne, the clearance rate of 68.2% was also an improvement on last week's result, but lower than the 70.8% recorded at the same time last year.

Volumes in Melbourne remain strong. A total of 1,394 properties went to auction in Melbourne over the weekend, more than the 1,327 put to auction over the same weekend last year.

In Sydney, only 733 properties were put to auction over the weekend, compared with 882 the previous weekend, and well below the 998 achieved over the same weekend last year.

There were low auction volumes in other capital cities, and weak clearance rates, as interest tapers off at the end of the year.

Only 151 properties went to auction in Brisbane, recording a clearance rate of 43%. In Adelaide, 107 properties were auctioned, with 50% clearing. And only 83 properties went under the hammer in Canberra over the weekend, achieving a clearance rate of 51%.