The drawn out reset of monetary policy in Australia has reached a threshold that suits one monitor, the Reserve Bank of Australia.Language in the RBA's monthly statement on monetary policy decrees the multiple macroprudential measures by APRA have been effective.The RBA observed that "conditions in the housing market continue to vary considerably around the country. Housing prices have been rising briskly in some markets, although there are signs that conditions are easing, … especially in Sydney."It said that "in some other markets, prices are declining. In the eastern capital cities, a considerable additional supply of apartments is scheduled to come on stream over the next couple of years. Rent increases remain low in most cities."Most telling, bank and lender repricing since March - centred on interest-only and investor loans - is making an impact, with "investors in residential property are facing higher interest rates. "There has also been some tightening of credit conditions following supervisory measures to address the risks associated with high and rising levels of household indebtedness. Growth in housing debt has been outpacing the slow growth in household incomes."