Australian building approvals have seen a steep decline for March, following an uncharacteristic spike in February.

The latest data from the Australian Bureau of Statistics (ABS) shows that new dwelling approvals have dropped by 15.5 percent for the February-March period, compared to a 19.1 percent surge in the January-February period.

This period’s drop was led by attached dwelling approvals, which dropped by 30.6 percent compared to a 64.6 percent increase in the previous period.

Experts warned that last period’s increase was an anomaly, and that the overall trends were pointing downward for the rest of 2019. 

From March 2018 to March 2019, there was a 27.3 percent decrease in total dwelling approvals, led by a drop in attached dwellings.

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