Building approvals for new homes have fallen for the second time in three months, indicating a cooling down in Australia's residential housing boom.

Approvals for the construction of new homes fell 5.6 per cent in May, data from the Australian Bureau of Statistics showed on Monday. Over the 12 months to May, building approvals were down 19.7 per cent.  The decline was far higher than market expectations of a 1.3 per cent fall…