The interest rate only became an issue due to very high property...

The interest rate only became an issue due to very high property cost and people opting to take out excessively high loans.
With the banks only to happy to put on their books. Some borrowers might not have build in an adequate safety margin and blindly
accepted the RBA chair comment of no rise until 2025.
The late 80's into 90's had far higher rates but the property cost vs family income was easier to serve.
Aver ratio 3:1 but now 6:1 and beyond
And the low entry is often skipped in favor of the dream home.
Living beyond our means in many cases, more consumption, higher inflation, increased rates.