How are packets routed from a master to the correct slave in a multi-slave AXI system?

I understand packets are rotued back to the master by using the transaction ID fields, including the additional bits the interconnect adds in order to be able to trace back to the master that issued the request. What is not clear to me is how the interconnect, or any other part of the system, is able to route requests from the master to the corresponding slave. I suspect this is achieved by relegating each slave to a limited, non-overlapping address range, but I also fear this might cause issues where third party slaves are utilized.

Am I missing something?

Paolo