Building approvals suffer 17.2 pct fall

Building approvals in July were at their lowest level since January 2012, the ABS says. (Brendan Esposito/AAP PHOTOS) (AAP)

Building approvals tumbled 17.2 per cent in July in the face of sky-high building costs and interest rate hikes.

The sharp decline was led by a lack of approvals for apartments, with a 43.5 per cent fall in private sector dwelling approvals recorded when houses were excluded.