Today we speak to Mark Fischer, cofounder and Global Head of Real Estate at Qualitas (ASX: QAL).

Qualitas sits at the intersection of two of the hottest asset classes at the moment: Aussie real estate and private credit.

As a lender for a lot of large real estate projects, Mark has his finger on the pulse of where both of these asset classes are going. As he told us, he could measure the hype around private credit just by the number of functions he was getting invited to speak at. Given the excitement around private credit in 2025, we’re surprised he could fit us in his schedule.

In today’s conversation we pick Mark’s brains on:

• The state of real estate lending in 2025
• How the private credit boom is affecting his opportunity set
• The contradiction inherit in housing, and why the Aussie housing market may get worse before it gets better


00:00 - Introduction
01:03 - Introduction to Mark Fischer & Qualitas
03:00 - Mark Fischer’s Background & Qualitas Overview
04:08 - Founding Qualitas During the Global Financial Crisis
07:20 - Investment Philosophy: Real Estate & Private Credit
09:48 - Understanding Real Estate Private Credit Strategies
12:44 - Deep Dive into the Australian Residential Property Market
15:31 - Challenges in Addressing the Housing Supply Crisis
17:48 - Why the Housing Market May Get Worse Before It Gets Better
20:03 - Best Apartment Markets in Australia
21:26 - The Growing Popularity of Private Credit in Australia
25:30 - Emerging Opportunities & Risks in Private Credit

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