By Caitlin Fono, Research Analyst, CoreLogic Australia

There are 3,190 capital city homes scheduled for auction this week, compared to 2,541 last week and 3,381 one year ago. This marks the second busiest auction week of the year, behind the week leading up to Easter (3,519).

Melbourne is set to host more than half of this week’s capital city auctions, with 1,635 homes going under the hammer across the city, the second busiest auction week of the year. The previous week saw 1,098 homes taken to auction, while this time last year, 1,725 auctions were held.

There are 1,053 auctions scheduled in Sydney this week, compared to 974 last week and 1,071 this time last year.

Across the smaller capitals, Adelaide is set to host the most auctions (207), followed by Brisbane (197), Canberra (82) and Perth (15). There is just one auction scheduled in Tasmania this week.

Next week will see capital city auction volumes temporarily drop, with around 2,100 homes currently scheduled for auction. The lower volume can be attributed to the Melbourne Cup Carnival which kicks off on Saturday 2nd November, with fewer than 500 homes set for auction across the city (486).

Summary of last week’s results

Last week saw 2,541 homes go under the hammer across the combined capitals, compared to 2,598 over the previous week and 2,463 this time last year.

The combined capital city clearance rate slipped to 58.2% last week, the lowest clearance rate so far this year. The final clearance rate has been below the 60% mark only twice this year, the second time being the week ending 6th October (59.5%). The previous week recorded a clearance rate of 60.8%, while this time last year, 65.7% of reported auctions were successful. 

There were 1,098 auctions in Melbourne last week, compared to 1,091 over the previous week and 1,139 this time last year. Melbourne’s clearance rate came in at 57.8% last week, a slight improvement from 57.6% over the previous week. One year ago, Melbourne reported a clearance rate of 63.3%.

There were 974 homes taken to auction across Sydney last week, compared to 1,018 over the previous week and 888 this time last year. Sydney’s final clearance rate was recorded at 60.6% last week, down from 63.0% over the previous week and 68.5% this time last year.

Brisbane (228) was the busiest auction market across the smaller capitals last week, followed by Adelaide (145), Canberra (76) and Perth (19). Adelaide recorded the highest clearance rate at 67.6%, followed by Perth (57.9%) and Canberra (50.0%). Brisbane’s clearance rate came in at 46.9%, the lowest clearance rate the city has seen since April 2023 (42.6%). There was just one auction in Tasmania last week, which was unsuccessful.