RBA are in a bit of a spot, demand for housing is strong but the rest of the economy is not doing so well that they justify raising interest rates.
We have seen that with lower interest rates people are paying of debt rather than increase spending that would fuel the economy.
At some point people may get their debt down to the point they feel comfortable to spend instead but that could be a while and many people are taking advantage of the low interest rates to get off the rent cycle and buy their own homes
