Auction clearance rates have hit a 15-month high, with 75% of properties selling under the hammer last week.

CoreLogic figures show the combined capital cities had a clearance rate of 75.3%, up from 70.7% on the previous week.

Sydney had the highest auction clearance rate last week of 78.2% followed by Adelaide, 78%, which is always a strong performer.

Melbourne had a preliminary clearance rate of 74.4%, while Canberra was 76.9% and Brisbane was 63.4%.

Perth had only 19 scheduled auctions and seven of the 13 results reported sold.

AMP Capital chief economist Shane Oliver has warned that the RBA will be nervous about the property market continuing to perform so well.

He says people tend to spend less when house values are falling which helps dampen inflation.

“A strong property market would worry the central bank,” he says.

“They want to slow the economy down and they’re partly relying on lower wealth – lower property and share market wealth – to do that.”