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

There are currently 2,173 homes scheduled for auction across the combined capitals this week, a 33% drop compared with last week. The lower volume is attributable to the Melbourne Cup Carnival, with many Victorians taking a long weekend to coincide with the public holiday on November 4th.

Last week saw 3,236 auctions go under the hammer – the busiest week since the lead up to Easter last year (3,519), while this time last year, 1,972 auctions were held across the combined capitals.

Sydney is gearing up for its second busiest auction week of the year, with 1,202 homes scheduled to go under the hammer this week, up from 957 last week and 1,036 this time last year.

Melbourne is set to host just 454 auctions this week as the city prepares for the Melbourne Cup Carnival which kicks off on Saturday. Last week saw 1,836 auctions held across Melbourne – the busiest auction week since December 2021, while this time last year, 474 homes were taken to auction.

Across the smaller capitals, Brisbane is set to host the busiest market this week, with 215 homes scheduled to go under the hammer, up from 188 last week. There are 149 auctions scheduled in Adelaide this week, up from 144 last week, while 132 auctions are set to go under the hammer in Canberra, up from 90 last week. In Perth, 20 auctions are scheduled this week, up from 17 last week, while just one auction is on the radar in Tasmania this week, down from four last week.

Next week will see auction volume increase, with around 3,200 homes set to go under the hammer across the combined capitals.

Summary of last week's results

Last week saw 3,236 homes taken to auction across the combined capitals – the busiest auction week since March last year. The previous week saw 2,626 homes taken under the hammer while this time last year, 3,135 capital city auctions were held.

Last week's final clearance rate came in at 66.7%, down 60 basis points on the previous week when 67.3% of auctions were successful. This marks the lowest clearance rate since the week ending 22nd June (65.3%). Over the same week last year, a clearance rate of 59.5% was recorded across the combined capitals.

There were 1,836 auctions held in Melbourne last week making it the busiest auction week since December 2021. The previous week saw 1,142 Melbourne homes go under the hammer, while this time last year, 1,675 auctions were held across the city. Melbourne's clearance rate came in at 67.4% last week, up from 66.4% over the previous week and 62.3% this time last year.