Same story in Spain back in 2008-2012. But fixed rate interest mortgages have always been available, and I'm sure they have in Australia too. It's people's short-term outlook, lack of education and, yes, greediness that cause them to go for floating rates.

Doesn't mean the real estate market is not hyperinflated in Australia, as it is in Spain even today, and pretty mucy everywhere. But people only make it worse.