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The lower week-on-week volumes did result in a slightly higher preliminary clearance rate of 56.7%, contributing to a year-to-date average of 60.5% for the first six months of 2018. This is significantly lower compared to the first half of last year, which saw an average of 72.5% of listed homes sold.
The number of dwelling approvals in the country decreased by 1.5 % in May 2018, the Australian Bureau of Statistics (ABS) reported on Tuesday.
House values dropped for the ninth consecutive month in June, continuing their downward trajectory from the record highs of September 2017, according to CoreLogic.