The Dubbo real estate market will continue to remain stable through the coronavirus pandemic, despite any financial hardships tenants and landlords may face in the coming months, according to Bob Berry Real Estate agent Shayna Chapman.
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Miss Chapman said there will be a flow-on effect caused by those who are unable to meet rental commitments as landlords also have financial commitments.
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"The good news is, the government has announced several stimulus packages to help businesses and individuals who are financially struggling," Miss Chapman said.
"We are confident that government funding will assist these people."
Miss Chapman said it's hard to predict what is going to happen in terms of the current crisis and further information is likely to be announced over the next few days.
She said for tenants, communicating their financial struggles with their managing agent is always the best place to start.
"Currently, Dubbo remains a stable and low-risk community," Miss Chapman said.
"We are encouraging tenants to speak to their managing agents and have an open conversation around any financial issues they may be experiencing.
"The tenant will be required to provide documentation to prove their current situation first, but then we can look into potentially negotiating something with the landlord."
Miss Chapman said agents aren't expecting tenants to have to relocate during this hard time.
Prime Minister Scott Morrison announced on the weekend a six-month moratorium on evictions would move into states and territories which will excuse people or businesses unable to meet rental commitments from eviction.
As of Wednesday, the moratorium is yet to come into effect in NSW and the details are unclear.
At the moment tenants can only attempt to negotiate with their landlords and banks to find a solution which works for all parties.
Mr Morrison advised landlords to work with their tenants.
"We need you to sit down, talk to each other and work this out," he said.
Tenants who may be facing financial stress due to the coronavirus can seek advice from the Tenants Union of NSW via is website www.tenants.org.au.
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Taylor Dodge
Your story matters, your voice deserves to be heard and I would love to help you share it. I have five years of experience as a Journalist with Australian Community Media covering an array of topics, with a key focus on breaking news and crime and a passion for people. E: taylor.dodge@austcommunitymedia.com.au.
Your story matters, your voice deserves to be heard and I would love to help you share it. I have five years of experience as a Journalist with Australian Community Media covering an array of topics, with a key focus on breaking news and crime and a passion for people. E: taylor.dodge@austcommunitymedia.com.au.
