RBA Interest Rates to plummet early 2023, page-2318

I think that was only for NSW, Joan. Nevertheless, the affect will come in a price rise for lower value homes, which will flow through to higher priced homes. A no win for inflation.
That aside, the economic dynamic of low housing supply alongside high demand will continue IMO, made worse by a lack of confidence in the building sector (builders going broke), high immigration and cashed up baby boomers. It will be interesting to see what (if anything) breaks this cycle. Mortgage rates of 10%/12% perhaps.