By Caitlin Fono, Research Analyst, Cotality (Formerly CoreLogic) 

There were 1,961 homes currently scheduled for auction across the combined capitals for the week ending October 5, up from 1,735 from the previous week. The Labour Day/King's birthday long weekends in NSW, ACT, QLD and SA will be impacting on auction volume this week.

In Melbourne, 1,111 homes were set to go under the hammer this week, up from just 224 the previous week. The lower volume last week can be attributed to the AFL Grand Final long weekend. This time last year, 1,095 homes were taken to auction across the city.

There were 557 auctions scheduled across Sydney last week, down from 1,164 the previous week. Over the same week last year, 524 auctions were held in Sydney.

Across the smaller capitals, Brisbane is set to be the busiest auction market with 148 homes set to go under the hammer last week, in line with previous week. There were 73 auctions scheduled in Adelaide last week, down from 78 previous week, while 61 auctions were scheduled in Canberra, down from 116 the previous week.

Perth had 11 auctions on the radar, up from just five during the previous week, while there are no auctions scheduled in Tasmania.

Auction activity is set to increase this week, with 2,586 homes currently scheduled to go under the hammer across the combined capitals.

Summary of last week's results

Last week saw 1,735 homes taken to auction across the combined capitals, compared to 2,638 the previous week and 1,836 this time last year. The lower volume can be attributed to the AFL Grand Final long weekend in Melbourne.

Last week's final clearance rate (68.7%) was the lowest in seven weeks, dropping from 71.6% the previous week. Over the same week last year, 60.6% of auctions were successful.

There were just 224 auctions held in Melbourne last week, compared to 1,311 over the previous week and 236 this time last year. Melbourne's clearance rate came in at 64.3% last week – the lowest clearance rate the city has seen since late-April (60.5%). Last week's result is down from 71.6% the previous week, while this time last year, 57.0% of reported auctions were successful.  

In Sydney, 1,164 homes were taken to auction last week – the busiest auction week since the lead up to Easter (1,282).

The previous week saw 915 auctions held across Sydney, while this time last year, 1,199 auctions were held. Sydney's final clearance rate came in at 70.2% last week, down from 71.7% the previous week. This time last year, 60.9% of reported auctions were successful.

Brisbane (148) was the busiest auction market across the smaller capitals last week, followed by Canberra (116) and Adelaide (78). Adelaide's clearance rate came in at 74.4% last week, down from 82.1% the previous week. In Canberra, 64.7% of auctions were successful last week, down from 76.0% the previous week.

Brisbane's clearance rate came in at 63.9%, up from 61.9% the week prior. Just five auctions were held in Perth last week, three of which were successful. There were no auctions in Tasmania last week.