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Whether measured by auction clearance rates or prices, they remain red hot. Just take a look at the preliminary auction clearance rates for both Sydney and Melbourne last week for evidence. The chart comes courtesy of CoreLogic. CoreLogic/Business Insider Australia Captial city auction statistics (preliminary). Both cities logged preliminary clearance rates of more than 80%. Making those figures all the more impressive, and potentially worrying to policymakers, the result came despite a surge in the number of properties being taken to auction. Nationally, 3,232 auctions were held across the nation's capitals, with the vast majority taking place in Sydney and Melbourne. "The record highs for the number of auctions were confined to the Sydney and Melbourne markets, where auction numbers were the highest on record for the month of February," said CoreLogic. Despite the increase in auction volumes, well above the 2,701 number held in the corresponding week in 2016, the preliminary national clearance rate still rose to 78.6%, the highest level in over a year.