Anyone following the AUS property market at the moment?

Things are starting to look a bit serious for our cousins across the ditch. I note the royal banking commission has put the breaks on a lot of new lending and getting reports of re-mortgage requests are being rejected. Hearing some scary reports about those in debts of millions and the local market has crashed [Specific towns with economies based on a single employer ].

Hearing that some Interest only loans are also being rejected. Which to me signals that the banks no longer see capitol gains as a sure thing anymore. Seems like that is just the tip of the iceberg.

Thoughts?