Auctions continue to perform well with the latest figures showing the national clearance rate hit a five-month high in the past week, providing further evidence of improving property market indicators.

CoreLogic figures show a 64% preliminary clearance rate across the combined capital cities last week, which is almost four percentage points higher than the previous week.

It is also the best result since May, although the number of properties being offered under the hammer are about half of what they were at this time last year.

In the past week 1,883 homes were offered for auction across the combined capital cities compared with 3,292 at the same time last year.

Sydney had the highest clearance rate last week of 70% (its best result since April), Melbourne’s clearance rate was 62%, and Adelaide had its lowest clearance rate this year of 66%.

Canberra’s clearance rate was 61% and Brisbane 43%. There were just ten auctions held in Perth last week, half of which sold.