That $1M property in 2020 @ 3% IR, is now valued by the banks at around $580k. The same pool of buyers who could afford $1M in 2020 can now only borrow ~$580k.....the numbers don't lie (yes, the figures above aren't exact, but close)
Moreover, what happens to these people with $1M mortgages (@ $4217 repayments) who go to re-finance in a 8% IR env?.....they won't have $7338 per month to pay the loan......they'll need to sell their homes.....but they'll be selling in a property market where the previous pool of buyers can only afford $580k.
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