The auction market preview for the week ending November 2, 2025, is defined by a sharp plummet in auction activity across Melbourne, which heavily influences the national figures. Across the combined capital cities, there are only 2,173 homes currently scheduled for auction this week. This volume represents a significant 33% drop compared with the 3,236 auctions held last week.

This substantial dip in national volume is directly attributable to the Melbourne Cup Carnival. Many Victorians are taking a long weekend to coincide with the public holiday scheduled for November 4th. Last week, the combined capitals saw 3,236 auctions go under the hammer, which was the busiest week recorded since the lead up to Easter last year (which saw 3,519 auctions). In contrast to the current lull, this time last year, 1,972 auctions were held across the combined capitals.

The Melbourne Decline

Melbourne is central to the national drop, as the city is set to host just 454 auctions this week. This low volume is a direct consequence of preparations for the Melbourne Cup Carnival, which officially kicks off on Saturday.

The dramatic decrease follows a period of high intensity in the Victorian capital. Last week (ending October 26, 2025), Melbourne hosted 1,836 auctions. This massive undertaking marked the busiest auction week for Melbourne since December 2021. Last year, during the equivalent week, 474 homes were taken to auction in the city.

Last week, Melbourne’s clearance rate came in at 67.4%. This represented a slight increase from the previous week’s 66.4% and was significantly higher than the 62.3% recorded this time last year.

Contrasting Markets: Sydney and Smaller Capitals

In contrast to Melbourne’s sharp decline, Sydney is gearing up for its second busiest auction week of the year. The city has 1,202 homes scheduled to go under the hammer this week. This is an increase from the 957 auctions held last week and the 1,036 held this time last year.

Last week, Sydney saw 957 homes taken to auction. The final clearance rate was 65.3%. This result was down from 68.2% the previous week and marked the lowest clearance rate the city has seen since the week ending June 8th (58.1%).

Across the smaller capital cities, most markets are seeing modest increases in activity this week. Brisbane is slated to host the busiest market, with 215 homes scheduled for auction, up from 188 last week. Adelaide is scheduled for 149 auctions (up from 144), and Canberra is set for 132 auctions (up from 90). Perth has 20 auctions scheduled this week (up from 17), while Tasmania has only one auction on the radar, down from four last week.

Looking Ahead

Despite the current dip related to the public holiday, the market is expected to rebound quickly. Next week will see auction volume increase, with approximately 3,200 homes set to go under the hammer across the combined capitals.

Overall, last week’s final clearance rate across the combined capitals was 66.7%. This was a slight drop of 60 basis points compared to the previous week’s 67.3%, representing the lowest clearance rate since the week ending June 22nd (65.3%).