Sydney’s fading late winter auction market slid again at the weekend as the market continues to be flooded by unprecedented numbers of homes for sale.

Sydney reported a clearance rate of 76.4 per cent on Saturday, down from the 79.7 per cent recorded the previous weekend and now well below the 83.4 per cent recorded over the same weekend last year.

Last weekend’s bounce-back result proved to be short-lived, with the monthly clearance rate trend clearly falling. The market is now tracking in the opposite direction to a year ago, when clearance rates were rising sharply above 80 per cent. Sydney has now recorded five consecutive weekends with rates below 80 per cent, the weakest monthly results this year so far.

Supply is catching up with still relatively strong underlying demand for housing in Sydney, which is reflected in falling clearance rates. Sellers are rushing to take advantage of a market that is still in their favour – for now. In total, 724 homes were auctioned on Saturday, similar to the 727 auctions last weekend and again significantly above the 440 reported over the same weekend last year.

Sydney has recorded record numbers of Saturday auctions this August, with 2941 listings compared to 1718 over the same period last year – a remarkable increase of 1223 or 71.2 per cent.

The Blue Mountains again recorded the highest clearance rate of all Sydney suburban regions at the weekend, selling one from one for a 100 per cent result.

Next highest was the upper north shore with 90.3 per cent followed by the inner west 83.5 per cent, the northern beaches 82.2 per cent, the lower north 80 per cent, the city and east 79.2 per cent, the south 75.9 per cent, the west 75 per cent, the central coast 71.4 per cent, Canterbury Bankstown 67.5 per cent, the north west 64.7 per cent and the south west 41.9 per cent.

Recent regional trends have indicated a weakening in clearance rates in the lower priced areas to the west and south west of Sydney reflecting a potential softening of investor demand for properties in these regions. Auction clearance rates in Sydney’s booming north west have also been lower recently.

Notable sales reported at the weekend included a three-bedroom unit at 903/13-15 Bayswater Road, Potts Point, sold for $4.55 million by LJ Hooker Inner City, a five-bedroom home at 6 Seaforth Crescent, Seaforth, sold for $3.75 million by McGrath Seaforth, an eight-bedroom home at 147-149 President Avenue, Miranda,sold by PRD Harvey Oatley for $3,265,000, a five-bedroom home at 2/2-12 Sloane Street, Newtown, sold for $3,255,000 by BresicWhitney and another five-bedroom home at 71 Epping Avenue, Epping, sold by McGrath Epping for $3.21 million.

Another notable sale reported sold at auction at the weekend were units at 562 Willoughby Road, Willoughby, sold for $4.6 million by Richardson and Wrench Willoughby.

The most expensive home sold at auction was 17 Milson Road, Cremorne Point, sold by Belle Property’s Matthew Smythe for $6,191,000.

The most affordable property reported sold at the weekend was a three-bedroom home at 7 Barker Avenue, San Remo, sold for $355,000 by Raine and Horne Charmhaven.

For a list of weekend auction results in Sydney click here.

Although clearances rates faded at the weekend, the Sydney home auction price trend increased from the $1,030,125 recorded the previous weekend to Saturday’s $1,071,375 and remains 11.3 per cent above the $925,625 trend recorded over the same weekend last year.

Dr Andrew Wilson is Domain Group Senior Economist Twitter@DocAndrewWilson The Property Show expert 2UE Saturdays 12.30PM-1pm.