This is what the RBA said today:
"There had been further signs of a cooling in the established housing market after a year of strong price increases. Housing prices had shown little growth over the past few months, with prices falling in June, including in Melbourne where price growth had earlier been strongest. Auction clearance rates in Sydney and Melbourne had declined significantly, to around average levels. Housing loan approvals were estimated to have declined further in June and housing credit growth had moderated. These developments suggested that the earlier increases in lending rates were having an effect on household behaviour."
