Homes sold at auction stay below 70%

Australia's five capital cities returned an auction clearance rate of 59.7 per cent in the past week, marking a year since the rate was last above 70 per cent.

More homes were taken to auction in the past week, but the rate of properties sold remains near a five-year low amid weak selling conditions.

There were 2,287 homes up for auction in the week to May 27, a slight increase on the 2,100 homes in the prior week, returning an auction clearance rate of 59.7 per cent, the latest CoreLogic property figures show.

The result marks 12 months since the auction market last recorded a clearance rate above 70 per cent, with selling conditions progressively weakening over the year as housing prices fall, resulting in fewer homes selling at auction.