Large scale public facilities are slated for the Green Square area to service the areas fast growing population. When Mr Elliott was asked if he was concerned about overheating in parts of Sydney and Melbourne's property market, he replied "yes", adding that prudent banks needed to monitor such risks.

By submitting your email you are agreeing to Fairfax Media's terms and conditions and privacy policy. The number of approvals for high-rise apartments dropped 40 per cent to a two-year low, though economists said this is a volatile series and there still appeared to be solid construction activity on the horizon.

While arguing there was not an economy-wide housing bubble, he stressed that property prices in key areas were "high", and a coming risk was the high number of off-the-plan apartments due to be settled in Brisbane and Melbourne, especially. Banks are already reporting a growing number of buyers are struggling to settle on time because they are unable to obtain finance, though they say most settlements are still eventually proceeding.

In the longer-term, Mr Elliott said prices had been pumped up by a sharp increase in household indebtedness and a shortage of supply in some areas.

Foreign investment in property, especially from China, had also added extra heat to the market in recent years, though he said this was not a key driver. You are logged in as unknown Logout. I understand that submission of this content is covered by the Conditions of Use by which I am bound and Commenting Guidelines are available for my reference.

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