High-rise unit approvals have fallen off a cliff

Monthly building approvals shows that the recent contraction in approvals has continued.  In fact, the number of dwellings approved for construction in March 2017 was -23.7% lower than its historic peak which occurred in August of last year.  The data now clearly looks like a case of what goes up must come down and the high-rise unit sector in particular has seen a big crunch in approvals over recent months.

The March 2017 approvals data shows that there were 16,484 dwellings…