The first half of 2018 has seen a downward trend in new house sales. Sales across the five mainland states declined by 4.4 per cent in May, representing a fifth consecutive monthly fall. Sales are now 14.1 per cent lower than in May 2017. The deterioration of sales over the year to date reflects the shifts in housing market conditions. The availability of credit has tightened over the past 12 months with banks responding to the decline in house prices and the Banking Royal Commission.