This is dubious. Melbourne CBD apartments for example have...

This is dubious. Melbourne CBD apartments for example have notoriously had a high percentage remain vacant (Foreign Investors buy new apartments ‘off the plan’ as they need to buy new supply to pass the FIRB) so by the definition you mention they are ‘stressed’, even though a large percentage are bought with CASH. This is why they have brought in a vacant property levy. West Melbourne perhaps has had a fair few poor quality high rise developments completed so no surprise there, but again I would take those stats with a grain of salt

Sure a lot are probably vacant if they are held for air bnb or leased to students, but it doesn’t mean the investors are financially stressed. Keep in mind the economy is in ‘hibernation’ and if anyone is in ‘financial stress’ they can get a deferral on their loan repayments. I’m sure if things have not wound back up there will be further concessions provided, why would we let the economy collapse