Since the last RBA cash rate increase in June 2023, median house prices in Sydney are ~2.3% higher, Melbourne ~1%, Brisbane ~2.4%, Adelaide 1.8% and Perth ~1.6%. And this is in less than 2 months!
Inflation is also higher despite the media headlines that is going down. It is higher because there have been quarterly increases and not falls in inflation.
The bond market (as of today) wants a 0.50% cash rate increase and soon. It can change its mind very quickly, but it is a better forecaster than economist.
Will the RBA step up on 1 August 2023, and attempt to cool the housing market and appease the bond market and increase interest rates? Yes.