Clearance rates could surpass 2011 lows

Auction activity in the capital cities is winding down as expected for Christmas, but clearance rates could fall even further than lows last seen in 2011.

Capital city auctions are winding down as expected but clearance rates could fall below 40 per cent. (AAP)

A seasonal decline in capital city housing auctions is proceeding as expected, but already-subdued clearance rates could reach a point where fewer than four in 10 houses sell in a week.

CoreLogic auction data released on Monday shows 2,406 homes went under the hammer across the nation's capital cities last week as volumes wind down for Christmas, though there were 400 fewer homes up for sale compared to the same time last year.

But a likely revision could see the final clearance rate dip even further than the 41 per cent recorded a fortnight ago, a mark last seen in October 2011.

"The final clearance rate has revised down below 42 per cent for the last three weeks and given the low preliminary result ... it's possible that the final clearance rate may just fall below 40 per cent once the remaining results are collected," CoreLogic said in a release.

Preliminary figures show no capital city had a clearance rate higher than 47 per cent last week.

Sydney, Adelaide and Perth had a slight increase in auction volumes compared to the same time last year, but there were 451 fewer auction in Melbourne comparatively.

The clearance rates for Brisbane, Adelaide, and Perth were each below 38 per cent for the week.