Approvals hit a wall

BUILDING approvals for new homes have fallen for the second time in three months, adding to signs of a cooldown in Australia’s property boom.

Approvals for the construction of new homes fell 5.6 per cent in May, Australian Bureau of Statistics figures showed yesterday.

In the 12 months to May, building approvals were down 19.7 per cent.

The decline was far higher than market expectations of a 1.3 per cent fall in May and a 14.1 per cent decline over the previous year.

Building approvals had declined 10.3 per cent in March but bounced 4.8 per cent in April.

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