CBA has indeed reached record highs, surpassing $181 per share and achieving a $300 billion market cap. This surge is attributed to reduced performance in resource stocks, attracting offshore investors to financials. However, some analysts argue that CBA is significantly overvalued, with concerns about its high valuation despite stagnant earnings growth. 

ANZ, on the other hand, has been actively growing its lending book in New Zealand and Asia, which could prove advantageous if lower rates stimulate corporate investment. While both banks have their strengths, it's essential to consider the broader economic context and potential risks associated with interest rate changes.

Adding to the discussion, it's worth noting that the Reserve Bank of Australia is expected to implement multiple rate cuts in 2025, which could impact bank margins. While lower rates might stimulate loan demand, they can also compress net interest margins, affecting profitability. Investors should weigh these factors when considering investments in mortgage stocks like CBA and ANZ.

Considering the potential for rate cuts and their impact on bank margins, investors might also explore property developers like Mirvac (ASX: MGR) and Stockland (ASX: SGP). These companies are positioned to benefit from increased housing demand driven by lower interest rates. Diversifying into such stocks could provide a hedge against the risks associated with bank stocks in a changing interest rate environment.