The Property Council of Australia has welcomed today's announcement to revise banking regulations and make it easier for young Australians to access a mortgage and for developers to get projects underway more quickly. 

Property Council Chief Executive Mike Zorbas said the changes were welcomed as a measure to get more homes built and allow more young Australians to access them.

"This is the right balance for regulators and the government to strike," Mr Zorbas said.

"Many Australians need more apartment living options around jobs, opportunities and transport.

"Australian apartment construction is half the volume it was in 2017/2018. 

“Just as access to a mortgage shouldn’t be the domain of only the super-wealthy, overly restrictive lending regulations shouldn’t hamper the ability to supply new homes when we need them most.

"We have been warning federal and state governments that investment settings in the high density living they say they want are actually a handbrake on new construction.

"The next step is for state governments to revise down the foreign investment over-taxes that stop projects getting to critical lending mass,” he said.