The latest interest rate rise has done little to dampen enthusiasm in the property market with CoreLogic figures showing auction clearance rates are actually on the rise.

Nationally the clearance rate hit 75.1% on the weekend, the highest level since mid-February 2022.

There were 1750 properties taken to auction last weekend across the capital cities compared with 1739 properties the previous week.

Melbourne performed well with a clearance rate of 76%, which was the fourth consecutive week it achieved a clearance rate above 70% and its best result since October 2021.

Adelaide was the best performer in the smaller capital cities with a clearance rate of 72.1% followed by Brisbane, 68.2%, and Canberra, 66.2%.

In Perth, two of the six results reported sold under the hammer.

While clearance rates are rising so too are property prices according to Domain.

It says combined capital city values are up 1.8% in the past quarter, with Sydney leading the charge with a 3.4% increase.