The Australian economy was not distorted by the tech bubble that built in the late 1990s, and it did not weaken as much as the US economy when the price of tech stocks collapsed in 2001. The mildness of the 2001 economic slowdown in Australia meant that the Reserve Bank was able to normalise interest rates relatively quickly thereafter.
In the event, this helped Australia avoid the worst of the excesses in housing markets that subsequently built up in many other countries. The housing market was most “frothy” for Australia as a whole around 2002–2003, and it cooled noticeably in 2004 as interest rates rose.