4. Conrad Jupiters Magic Millions Carnival

The Buzz -- Horse racing industry professionals, racing enthusiasts and curious punters flock to the largest thoroughbred auction in the Southern Hemisphere. The event is huge, with three weeks of carnival and society events – parties, fashion shows, breakfasts, lunches and dinners – to attend. The auction was established in 1986; in 2007, yearlings fetched an average of $180,000, and up to $2 million! Races are also a highlight of the event, with only horses sold at the auction able to compete.