Common to get yields in my area now over 5% and IR's are 6-6.5%. No tipping point happening yet mate but if we get another cut or two and vals stay put then your hypothesis will be seriously tested. It will be interesting to see whether the new grant announced in NSW will bring FHB's back with the 2% differential broken already. There are already cases where some lower val homes around my neck of the woods would have yield on par with IR's. Interesting times.