Another 1000 apartments are set to soar above Melbourne's skyline with five new towers in Footscray and Southbank gaining development approval.

Planning Minister Matthew Guy this week signed off on two projects worth $270 million as the latest building approval figures show a surge of construction in Victoria - up by 14.9 per cent in April.

Surging: Building approvals in Victoria have risen by 14.9 per cent.

Around the country, however, dwelling approvals fell by 5.6 per cent over the same period, suggesting the broader building boom spurred by historic low interest rates may be losing momentum.

''Just as home prices appeared to top out ahead of the Budget, there also appears a degree of home-builder caution,'' CommSec chief economist Craig James said.