PHOTO: Aussie dollar

Fewer houses and apartments are on the drawing board as the market continues to struggle. This is what it could mean for your mortgage.

The Australian dollar has fallen to a four-month low after a sharp fall in March building approvals data was worse than punters had predicted.

The construction of new homes was down 15.5 per cent, weighed down by a decline in approvals of units and townhouses.

Economists had predicted a drop of 12 per cent following an unexpected lift in February, but the 30.6 per cent decline in new apartments being approved drove the figure lower.

This sent the Aussie dollar spiralling below 70 US cents, buying 69.85 after the Australian Bureau of Statistics figures were released.

Building and construction economist for BIS Oxford Economics Tim Hibbert said the downward trend would likely continue throughout 2019.