ANZ chief executive Mike Smith has recommended a watching brief on the nation's closely scrutinised property market, but says fundamentally there is no problem with the sector.
In an interview posted on ANZ's BlueNotes website following ANZ's first half results today, Mr Smith said he believed there was a need to "watch" the housing market.
"I think there is, I would say, a little bit too much heat in certain segments, particularly in part of Sydney and perhaps part of Melbourne, but you can't look at it holistically in Australia and say that there is a problem with the housing market," he said.
Asked if there was a problem with the heat on the investor side of the housing market, Mr Smith said that was "one of the fastest growing areas".
"But of course that really plays to a low interest rate environment and of course the tax structure," he said.