Jacob Shteyman

History shows it's a brave ploy to bet against the Australian property market.

The Reserve Bank's deputy governor has brushed off a surprisingly soft inflation print, reiterating to borrowers they should not expect any more mortgage relief soon.

Softer than expected inflation figures have buoyed mortgage holders' hopes the Reserve Bank will spare them an interest rate hike next month, but the real test won't come until the end of January.

Home approvals in Australia have surged to a three-and-a-half year high but construction challenges will continue to constrain progress on housing affordability.

A softer-than-expected inflation result will boost the case for the Reserve Bank to hold interest rates steady, but there's still plenty in the detail to suggest a February hike remains in play.