PHOTO: Construction slowdown

For years, construction in Australia has been booming — but the good days are well and truly over.

Whether it’s private houses, dwelling units, or renovations, the numbers are all heading south.

Buildings approvals have fallen for the past 14 months, dropping 6.79 per cent since January last year and 35.8 per cent from the peak in August 2017.

Just a couple of years ago Australia couldn’t get enough tradies and builders and house prices were soaring. Now the story has turned around and it’s bad news for everyone.

BIS Economics housing expert Angie Zigomanis said builders were already cuttings costs and laying off people.