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Auction numbers see a dip in activity as the market slows for the Melbourne Cup festivities.
According to CoreLogic, 2,081 capital city homes are set to go under the hammer this week, with the country’s biggest horse race – happening early next week – disrupting Australians’ weekend routines. This is a change from the previous week’s 3,135 auctions, but roughly in line with the 2,023 homes taken to auction this time last year.
Melbourne is scheduled to host just 483 auctions this week as the city prepares for the Melbourne Cup Carnival which commences on Saturday, with the main event taking place on Tuesday, 5 November. These numbers are a drop from the 1,675 auctions held across Melbourne last week but rise slightly from the 668 homes taken to auction this time in 2023.
In Sydney this week, 1,117 auctions are set to be hosted, rising from the 981 homes auctioned last week, and the numbers are not far off the 1,059 homes that went up for auction this time last year.
This week will mark the fourth time Sydney’s weekly auction numbers have risen above 1,000 since the beginning of the spring market season. The only other week to have exceeded 1,000 actions in Sydney this year, was in the lead-up to the Easter weekend.
Across the smaller capitals, Adelaide is following the streak of the most auctions set to be hosted, with 188 homes going under the hammer. Brisbane is just behind with 181 houses scheduled for auction.
Canberra continues to rise from 82 houses that went up for auction last week, with 97 scheduled auctions this week.
Remaining the same from last week, Perth has 15 houses set to hit the block this week, whereas a decrease from its schedule of one auction in the last few weeks, Tasmania has no auctions scheduled.
Next week will see auction volumes rise, with close to 2,900 homes currently scheduled for auction across the combined capital cities.
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