Building approvals have sunk to their lowest level in more than a decade, as the soaring cost for materials, land, finance and labour stifle the construction of new homes. In the year to November, just 166,127 new dwellings were approved for construction, according to new seasonally adjusted figures released by the Australian Bureau of Statistics on Tuesday. Not since the year to June 2013, when 165,327 new dwellings were approved, has the annualised number of new homes signed-off for construction been so low. The fresh figures come as the nation faces the worst housing crunch in decades, as a rebound in house prices risks…
