The devil will be in the detail.

That’s the overriding consensus from the property industry on the federal government’s landmark national housing accord struck to combat Australia’s worsening supply and affordability crisis.

Described as the “rabbit out of the hat” by one peak industry body, the initiative was announced on Tuesday as the centrepiece of federal Labor’s first budget since 2013, setting a target of creating a million new homes by the end of the decade.