My daughter and partner live near Newtown, Sydney. She has secure job in an unsecure industry and has just been put on 80% of her fairly good salary and kept her job, most of office is gone. Her partner has a secure job earning big bucks. She said next door is vacating rental property as they cannot afford to stay. She got an email from friends yesterday, who have just negotiated a 30% reduction in rent, and asking her and all other rental friends to do the same. A 30% reduction would be well over $200 per week savings for them. A mortgage broker I know has said for many years that a large increase in unemployment is the only thing that will hurt the property market. A guy in our street has just sold 2 weeks ago, he said that over 100 groups inspected the property.
