Clearance rates have dropped to their lowest levels since the Easter long weekend in a sign that higher-for-longer interest rates are making buyers reconsider their options.

CoreLogic reported a preliminary rate of 72.6 per cent, with Sydney and Melbourne actions weighing on the early results. Sydney’s preliminary clearance rate fell from 78.1 per cent last week to 75.9 per cent and Melbourne’s preliminary clearance rate fell by three percentage points to 68 per cent.