Slow and phased changes to tax legislation to remove incentives with suitable grace and transition periods for people to offload assets would see a dramatic improvement to property prices for buyers. The impact on sellers would be determined by the market but we could expect lower prices due to an influx of volume.
The other issue is that Australia's economy is held up by big banks which are in turn propped up by their mortgage debts. A reduction to property values will see a downturn on the ASX. All the more reason for Australia to reinvigorate its manufacturing footprint and diversify its economics.
Getting rich off of a property portfolio is lazy and unproductive. Try operating a business that is useful to someone or pushing the boundary of innovation. Instead we have all those boomers out there filing away their monthly statements from their property manager saying "YoU JuSt GoTtA WoRk hArDeR!" What a joke.