The Reserve Bank has warned about areas where it sees "potential risk" in the property investment market, such as the growing number of people with multiple investment properties, and an increase in investors aged over 60 who have a mortgage.

The comments came despite the central bank saying the major banks' clampdown on riskier loans to property investors was helping to dampen risks in the Sydney and Melbourne property markets.

In its twice-yearly health check on the financial system on Friday, the central bank indicated it remained keenly focused on the high levels of household debt, and how borrowers would respond to higher interest rates.

While the Financial Stability Review said banks were looking more resilient after recent tightening in their lending practices, analysis in the report also highlighted features of households' property investment that "point to areas of potential risk".