APRA to remove growth restriction on investors

The Australian Prudential Regulation Authority (APRA) announced plans today to lift the investor loan growth benchmark which was introduced in late 2014.
Back in 2014 when the restrictions were put in place Sydney and Melbourne markets were growing at an unsustainable rate and making it almost impossble for First Home Buyers to enter those markets.
Since the caps have been introduced the property markets in Sydney and Melbourne have slowed significantly. Therefore, APRA now feel it can lift those restriction and put the control back into the lending institutions.
It intends to replace it with more permanent measures which it suggests with continue strengthened lending standards.
The benchmark on interest-only lending, established in March 2017, will continue to apply until further notice.
My personal view is that APRA wasn’t clever in their implementation of the caps. They quite incredibly look at Australia as one whole property market. This view really astounds me because in Australia the market is made up of many different submarkets. Just because Sydney has been doing well that doesn’t mean Perth or Adelaide have done well. Yet they have the same restrictions placed on them as the highly inflationary markets of Sydney and Melbourne.
The removal of the restriction should be great for investors.