The national auction clearance rate was 70.0% last week, according to CoreLogic, down from 75.8% the previous week, as volumes increased from 2,897 to 2,950.

Though the result indicates a slight easing of the property market, auction clearances are still tracking well above where they were at the same time last year, and Sydney and Melbourne continue to record red hot auction clearance rates.

During the corresponding week last year, 3,166 auctions were held across the country, and a 59.5% clearance rate was recorded.

For the week ending 20 November 2016, Sydney recorded an auction clearance rate of 81.2%, and Melbourne achieved a rate of 79.4%.

The biggest sale during the week was of a four-bedroom, freestanding home in Darlinghurst, which sold off-market for $6.5 million by William  Phillips of BresicWhitney.

"It's one of the oldest houses in the area, and beautifully restored", Phillips told SchwartzWilliams, adding the property was rare for the area, being both large and freestanding.

Phillips said the auction market is still strong. His BresicWhitney office held 15 auctions on the weekend and achieved a clearance rate of 80%.

Phillips said he expects the market will remain strong up until Christmas, and will then continue at pace into the new year.

"I think the selling will go late into December, particularly off market sales, where it's too late to run a campaign, but people are happy to sell," he said.

See also:

Auction clearance rates at 14th week above 70%

Auction clearances soar as demand outpaces supply

Weekend auction results