The residential housing market is well off its peak now. The Reserve Bank remains on hold for now with domestic demand moderating.

Since the Reserve Bank of Australia raised rates in March, the housing market has just been going sideways. Rates are on hold until the third quarter of this year.

With the import side holding up more strongly than exports for now, the Reserve Bank is unlikely to respond with lower interest rates in the near term.

At $1.75, some believed the market had reached its peak, and they said the same thing at $2. Now we're at $2.60 and nobody knows where the top is going to be.

The housing sector has likely passed its peak . . . and the boom is winding down to an expansion.

I'm not a housing market expert, and I don't want to pretend to be one.