Auction clearance rates hit a low for the year last week, as property markets enter the winter slow down.

CoreLogic's preliminary clearance rate came in at 69.1% last week, and the final result for the previous week hit 66.7%, the lowest rate for the year.

Data from the Real Estate Institute of Victoria shows that 813 homes went to auction in Melbourne on the weekend, and a preliminary clearance rate of 72 per cent was recorded.

Volumes were down on the same period last year, when 918 homes went to auction, but the clearance rate was higher.

Reservoir was the top performing auction suburb in Melbourne on the weekend, with 15 auctions held and 11 selling under the hammer.

Strong auction activity was also recorded in Melbourne’s middle north, with both Lalor and Mill Park clearing all of their auction listings – nine and seven sales respectively.

REIV CEO Gil King said the City of Boroondara was the best performing municipality, with the highest number on auctions (61) and sales (46). Balwyn North and Hawthorn led the way, with nine and eight sales respectively.

“Auction activity in Melbourne’s eastern suburbs remains high," said King.

While Victoria's results were softer for the week, taking a longer view shows the real picture.

“While the auction market  softened again this weekend, the June clearance rate is currently 73 per cent – which is two per cent higher than the same period last year," said King.
 
“The property market is seasonal so dips in clearance rates during winter is not unusual, however, vendors are still recording solid results under the hammer.”

Sydney also recorded solid auctions results.

Visit Luxury List to view a three-bedroom waterfront home Clareville, Sydney, that sold for $4.7 million last week.

REINSW president John Cunningham said a trend in the low 70s seems to be established.

"With initial clearance rates in the low 70 per cent range again, it now appears to be set as the new stable level," he said.

Source: CoreLogic.

"With adjusted clearance rates now hovering around the 66% range it is clear that two out of every three properties submitted to Auction are finding buyers during their Auction campaigns," said Cunningham.

"This is the best indication of a stable sound market moving forward," he said.

Cunningham said prices were sometimes being modified to achieve a sale.

"Feedback from agents across Sydney indicates vendors being prepared to meet market indications and in many cases lowering reserves to stimulate competition to get a result," he said.

"With less active bidders per property, some buyers are taking a wait-and-see approach, while others who have sold during the peak first quarter of 2017 are happy to secure a property," said Cunningham.

Cunningham said he expects clearance rates to rise as stock dries up during the winter months.

"As we move further into the colder winter months the seasonal effect of property hibernation could see the annual hiatus result in less stock and more completion and see clearance rates rise as they often do," he said.

Read more about auction clearances:

Auction clearance rate three weeks below 70%

Buyers not deterred by long weekend, as strong sales continue

Revised auction clearance rate one of the lowest this year