Mortgage Rates Drop from 8% to 7.4%, Unleashing Homebuyer Demand in Australia

Mortgage rates have seen a significant drop, falling from a two-decade high of 8% to 7.4% in the last three weeks. This has led to a loosening in the housing market and unleashed more homebuyer demand. Private credit funds, backed by major global investors, are venturing into Australia's property industry as banks become increasingly cautious. However, there are concerns that the window of opportunity for homebuyers could be narrow, and the Australian property market may soon cool as rate hikes shrink borrowing capacity.