Building approvals drop 20pc -.

(From Canberra Times)

Last year's consecutive interest rate rises were beginning to affect new building developments, the Housing Industry Association said yesterday, with a 20 per cent drop in building approvals last month. Australian Bureau of Statistics figures issued yesterday showed building approvals in the ACT dipped from 144 to 114 (20.8 per cent) from December to January. The private-sector figures showed an even more dramatic slow-down with approvals falling from 96 to 68 (29.2 per cent). HIA executive director Caroline Lemezina said while the drop in approval rates was not cause for alarm, it was definite evidence the interest rates rises …