"The risks surrounding housing and mortgage markets seem higher than average at present," the central bank said in its semi-annual Financial Stability Review.
"These risks do appear to be comfortably manageable at this stage, but they underscore the need to maintain sound lending standards."
The risk of overstimulating the housing and property sectors is a major reason the central bank has been reluctant to cut interest rates further from already record lows of 2 percent.
Indeed, much of Friday's 66-page report was about "risks" in everything from mortgages to commercial loans and overbuilding in the apartment and office sectors.
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In particular, investigations by regulators had found bank lending standards for some home loans had been looser than first thought, adding urgency to steps to tighten the rules.
The RBA said there were tentative signs these measures were having the desired effect of slowing investment lending, though some banks might still have to do more to meet the stricter standards.
It also saw signs of a cooling in sentiment in the Sydney and Melbourne housing markets, where home price growth has been by far the strongest.