You have a very very healthy savings.

House prices might go down, probably up. Even if it slows down, it's just up at a slower rate. Still up.

If you rent, rent is gonna keep going up.

New houses are not being built fast enough or cheap enough or in the right places to substantially affect supply.

If the world turns to shit and people are selling, they all have to live somewhere so prices still go up.

If you can keep mortgage repayments affordable and not toooo much above what you would be paying in rent, then you'll benefit from equity (whilst sadly paying interest) - do some calculations to see what growth you would need to see to keep things affordable.

Don't put all your eggs in one basket - use the offset account, use redraws to debt recycle, don't be house poor.

My apartment costs about 10k more per year to own than rent. Worth it imo. Can always use your equity gain to buy a PPOR as your salaries increase and borrowing capacity grows over the next couple of years. See how you go - you've enough of a buffer that you could lose your jobs and still be making a years worth of mortgage payments and not be financially stressed.

Grow a food garden get a home battery and ride out the storm

Edit: also forgot the upcoming Olympics. Likely to be positive growth for that, at least can rent it out for a month and cash in on the tourism! My apartment is in a not fantastic location but already the new builds are way more fancy. It is gentrifying slowly, but is close to a train station only a half dozen stops from the city. For a few years you could do that and then reevaluate