Auctions soften as clearance rate dips

Australia's auction market softened in the past week as the clearance rate across the five capital cities fell to 65.9 per cent from 66.8 per cent a week ago.

The auction clearance rate across Australia's five major capital cities fell in the past week, while home prices remained unchanged.

Almost 3,000 homes went under the hammer in the week to March 4 with a preliminary clearance rate of 65.9 per cent, compared to 3,313 auctions and a clearance rate of 66.8 per cent in the previous week, property research group CoreLogic says.

Home values were largely flat for the week, but were down 0.3 per cent in the past month with Sydney showing the largest decline of 0.5 per cent.