A survey from property consultant RP Data-Rismark showed home prices in Australia's biggest cities rose 1.6 percent in September from the previous month to hit a record as low loan rates helped boost the real estate market.
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"The combination of stronger data and less dovishness from the RBA has pushed the prospect of another rate cut to February of next year," said Kathy Lien, managing director at BK Asset Management, wrote in a note.
According to IG's Lucas, big banks in Australia on Wednesday were also pushing back their expectations for a rate cut to February.
Still, some analysts said it was too soon to rule out a near-term cut in rates.
"The RBA is in a slightly tighter position now and there is less room for rate cuts," said Vishnu Varathan, market economist at Mizuho Corporate Bank. "But from a broader economic perspective, I wouldn't say the scope for another cut it totally off the table."
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A rebound in the Australian dollar is one factor that could tempt the RBA to lower rates again. The RBA had been calling for a weaker currency to help exporters.
"The other thing to remember is the U.S. and the impact the Fed [Federal Reserve] has on the Aussie dollar," said Lucas at IG. "Despite good U.S. economic news, there are concerns about the debt ceiling and that has pushed the U.S. dollar down and the Aussie up, which is something we can't control."
—By CNBC.Com's Dhara Ranasinghe; Follow her on Twitter @DharaCNBC