House prices may be soaring in some parts of the country, but that would appear to be one of few purple patches the central bank has to worry about.
Official growth figures due later this week are expected to show a fairly subdued economy overall in comparison with its bright start to the year.
As such, economists are confident the Reserve Bank will again leave the cash rate unchanged at Tuesday's monthly board meeting.
The rate has stood at 2.5 per cent since August 2013.
Even so, capital city home prices rose by a further 1.1 per cent in August to 10.9 per cent over the year, although gains were not evenly spread across the country.
The closely watched RP Data CoreLogic home value index showed Sydney prices up by 16.1 per cent in the past year and Melbourne's rising by 11.7 per cent.
But at the other end of the scale Canberra was up only 1.4 per cent up on the year.
Prices of goods and services more generally were fairly flat in August.
According to the TD Securities-Melbourne Institute monthly gauge, annual inflation stands at 2.5 per cent, bang in the middle of the RBA's two to three per cent target.
TD Securities head of Asia-Pacific research Annette Beacher says it suggests the inflation spike in the June quarter won't be sustained, enabling the RBA rates to hold steady for now.
Manufacturers will be relieved after other data on Monday showed the sector took a backward step in August.
The Australian Industry Group's performance of manufacturing index fell 3.4 points to 47.3, falling below the 50 mark that indicates manufacturing activity is in decline.
Ai Group chief executive Innes Willox says the surge in housing construction is not flowing through to increased demand for locally-made goods.
Meanwhile, further components for Wednesday's June quarter national accounts suggested the economy grew by about 0.4 per cent after the 1.1 per cent surge in the previous quarter.
Company gross operating profits posted their first fall in a year and a half, with a 6.9 per cent drop the biggest since June 2009.
However, business inventories - stock on shelves and in warehouses - recovered and are expected to have added one percentage point to growth.
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