In order to investigate the effects of galaxy mergers throughout the interaction sequence, we present a study of 10,800 galaxies in close pairs and a smaller sample of 97 post-mergers identified in the Sloan Digital Sky Survey. We find that the average central star formation rate (SFR) enhancement (×3.5) and the fraction of starbursts (20 per cent) peak in the postmerger sample. The post-mergers also show a stronger deficit in gas phase metallicity than the closest pairs, being more metal-poor than their control by −0.09 dex. Combined with the observed trends in SFR and the timescales predicted in merger simulations, we estimate that the post-mergers in our sample have undergone coalescence within the last few hundred Myr. In contrast with the incidence of star-forming galaxies, the frequency of active galactic nuclei (AGN) peaks in the post-mergers, outnumbering AGN in the control sample by a factor of 3.75. Moreover, amongst the galaxies that host an AGN, the black hole accretion rates in the closest pairs and post-mergers are higher by a factor of ∼ 3 than AGN in the control sample. These results are consistent with a picture in which star formation is initiated early on in the encounter, with AGN activity peaking post-coalescence.