The auction market is on fire with clearance rates continuing to rise hitting the highest levels since November 2021.

The latest CoreLogic figures show a national auction clearance rate last week of 75.9%.

Adelaide once again recorded Australia’s highest clearance rate of 81.8%, followed by Sydney, 78.5%.

Melbourne’s clearance rate was 77.1%, Canberra was 67.8% and Brisbane, 60.3%.

Rising clearance rates come at a time of rising house prices with CoreLogic showing values have increased 3% for the combined capital cities since the start of February.

SQM Research managing director, Louis Christopher, says both investors and first- home buyers are active in the market, although all buyers are keeping an eye on the RBA and what it will do with interest rates.

“If the RBA were to lift rates again next week that could pause the market, it could create the false dawn in the market that we’ve been a little cautious about for the year,” he says.