Real estate agents are fielding desperate phone calls from layed-off workers who cannot pay rent and out-of-pocket landlords who are struggling under the weight of their mortgages.
RE/MAX real estate director David Skow said both tenants and landlords were feeling the pinch, and he is anxiously waiting to see what measures the government will take to ease the pain.
"So far we've fielded six or seven calls from tenants who've lost their work and in a position where they need to work something out because they're not going to have an income," Mr Skow said.
"We've also got plenty of landlords who are self-funded retirees who might own one investment property and the rent they get from that property is their income - they need it to live off."
Mr Skow said one of his more generous landlords decided to give one month's worth of rent for free to their tenant, who lost their job and did not qualify for Centrelink payments.
Other landlords are in no financial position to do so, having large mortgages to pay and struggling with money problems of their own.
While some home-owners contemplate selling their house amid financial stress, Mr Skow is urging them to reconsider and wait for the coronavirus situation to calm down.
"Our advice to them would be just to hold on; we think there will government measures in place to ease that burden," Mr Skow said.
"All the evidence suggests this is something that will be months worth of pain, but we imagine there will be a fairly quick recovery after things go back to normal."
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His optimism is shared by Raine and Horne real estate partner Claire Zollinger, who also wants to reassure residents that there is light at the end of the tunnel.
Ms Zollinger has also been fielding calls from struggling tenants and landlords, but said they were working to get everybody through to the other side while they await government intervention.
"It's just awful for everyone. If anyone does require assistance please don't hesitate to get in touch. We're more than happy to help," Ms Zollinger said.
"We are offering as much assistance as we can to try to get them through this until we get more announcements. It's about overcoming and adapting; we need to keep pressing forward, it's the only way."
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