Tougher restrictions on bank lending may be needed if Australian house prices or mortgage debt accelerate again, the International Monetary Fund says.

In a review of the domestic economy, the IMF on Friday identified the housing market and household debt as key risks for the economy, even though it said conditions in the property market had cooled slightly over the past year.

The IMF said Australia's policy makers should continue to focus on making the economy more resilient to housing and other shocks - and this should include being ready to tighten regulation of the banks if the property boom takes off again.

Authorities should be "vigilant" against risks in the housing market, it said.