Building approvals fell by 15.5% in March

Approvals for the construction of new homes dropped by a seasonally adjusted 15.5 per cent in March, driven by a decrease in units and townhouses.

Approvals for private sector houses fell 3.2 per cent, while the “other dwellings” category, which includes apartment blocks and townhouses, plunged 30.6 per cent.

Over the 12 months to March, total building approvals for dwellings fell by a seasonally adjusted 27.3 per cent, the Australian Bureau of Statistics said on Friday.

AAP