The market slowdown is happening in Australia, too. Interest rates are finally creeping back up, but also there's been a banking royal commission which has exposed a lot of dodgy behaviour from the banks, so that many of them are tightening things up in anticipation of more regulatory oversight in the future.
I don't see the market crashing here, like prices halving in a year or two or something. So long as an economy is growing generally, there is spare cash floating around to invest. In a manufacturing economy this cash can go to investing in manufacturing businesses, but because of the free market workers in Australia have to compete with unpaid child labour in the Congo (coltan mining) or widget makers on $5 a day locked in their dormitories at night in China, so mining is hugely automated and manufacturing fizzling out here. We have a service economy, and that does need investment, but since a factory plant costs more to set up than a restaurant or gym or office, there's just not the same need for capital investment in a service economy as there is in a manufacturing one. So where does the spare cash go? Real estate.
Obviously rising interest rates will mean less spare cash floating around, both since fewer people will borrow and more will be inclined to just save their cash. But ultimately Australia's population is growing, so unless more of us do house-sharing the demand for more housing will remain, and there's not really anywhere else for people to put spare cash except savings accounts. Unless of course they send their money overseas...
So I see prices levelling out and dropping a bit, but not crashing. The only prospect of a crash is if there's a general recession. But in that case we have other problems regardless of house prices.