Firstly, let's look at the situation with mortgages. In the Hawke area of western Melbourne, as high as 80% of mortgage holders are facing financial pressure. The Ballarat electorate follows closely behind with a burden rate of 79%. In the McEwen electorate in northern Melbourne and the Cooper electorate, the proportions of mortgage holders facing financial pressure are 75% and 68%, respectively. Additionally, in the Gippsland region in the southeast and the Wills area in the inner north of Melbourne, two-thirds of mortgage holders are facing financial pressure, a significantly concerning figure.

Meanwhile, the pressure in the rental market is also remarkably pronounced. In the eastern Melbourne area of Deakin, as high as 89% of tenants are facing severe financial pressure, making it one of the most rent-stressed areas. Following closely is the Hotham electorate in the southeast, with a financial pressure rate of 84%. Furthermore, in the Gellibrand area in the southwest of Melbourne and the Dunkley area in the southeast, 83% of tenants are also under immense rental pressure.

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These figures have prompted deep reflection. According to Martin North of DFA, this situation is deeply concerning, especially as the financial pressure on tenants appears to be more severe than that on mortgage holders. He points out that although there hasn't been a significant difference in the pressure levels between tenants and mortgage holders over the past fifteen years, there has indeed been an increase in financial pressure on tenants since the surge in immigration in 2022.

These data indicate that the property market in Victoria is facing significant challenges. Stakeholders in the real estate industry are calling on the government to take action to alleviate market pressures. Major real estate organizations in Victoria suggest that the state government needs to review tax measures to stimulate new housing construction. Matthew Kandelaars, head of the National Policy Group at the Property Council of Australia, believes that taxation is one of the main factors driving housing price increases. He notes that in Victoria, property taxes have increased the cost of building new houses by over 50%, with stamp duty being a significant aspect. Therefore, tax reduction is seen as an effective means to lower housing prices and rents.

However, changes to tax policies may need to be combined with other measures to ensure the stability and sustainability of the property market. This may include promoting new housing supply, improving transparency and fairness in the rental market, and strengthening regulation of the property market.