The coming wave of apartment completions in Melbourne and Brisbane raises the risks of settlement failures, the Reserve Bank of Australia warns in its latest statement.

The central bank said earlier this week – when it cut rates to a record low 1.5 per cent – that price pressures and risks have eased in the established housing market. However, in its statement it said growth in apartment prices and rents would be constrained in some areas by the large number of new units coming on to the market as developments were completed over the next couple of years.