Winter weather hits auction activity

Australia's auction clearance rate dropped to 55.8 per cent last week, from 69.4 per cent over the same period last year, according to CoreLogic.

Australia's housing market is cooling, with the auction clearance rate at 55.8 per cent last week. (AAP) Source: AAP

Australia's housing market is losing further steam with a drop in the number of properties put up for auction over the past week and little more than half of them selling.

The auction clearance rate fell to 55.8 per cent for the week to July 15, from 69.4 per cent over the same period in 2017, with Sydney and Melbourne feeling the brunt of the pain, according to property data firm CoreLogic,

A total of 1,172 auctions were held last week, down from 1,627 over the same week last year.