We discuss 76 large amplitude transients ($\Delta$m > 1.5) occurring in the nuclei of galaxies, nearly all with no previously known active galactic nucleus (AGN). They have been discovered as part of the Pan-STARRS1 (PS1) 3$\pi$ survey, by comparison with Sloan Digital Sky Survey (SDSS) photometry a decade earlier, and then monitored with the Liverpool Telescope, and studied spectroscopically with the William Herschel Telescope (WHT). Based on colours, light-curve shape, and spectra, these transients fall into four groups. A few are misclassified stars or objects of unknown type. Some are red/fast transients and are known or likely nuclear supernovae. A few are either radio sources or erratic variables and so likely blazars. However the majority (~66 per cent) are blue and evolve slowly, on a time-scale of years. Spectroscopy shows them to be AGN at $z$ ~ 0.3 − 1.4, which must have brightened since the SDSS photometry by around an order of magnitude. It is likely that these objects were in fact AGN a decade ago, but too weak to be recognized by SDSS; they could then be classed as ‘hypervariable’ AGN. By searching the SDSS Stripe 82 quasar database, we find 15 similar objects. We discuss several possible explanations for these slow-blue hypervariables – (i) unusually luminous tidal disruption events; (ii) extinction events; (iii) changes in accretion state; and (iv) large amplitude microlensing by stars in foreground galaxies. A mixture of explanations (iii) and (iv) seems most likely. Both hold promise of considerable new insight into the AGN phenomenon.