BBC news has an story on Australia’s Housing Bubble and concerns have been raised that it could be about to burst. The story is centered around Sydney’s Western Suburbs which has the Highest Repossession Rates in the country and where they claim prices have already fallen 30%.
It interviews two people who are unable to afford to rent anymore and have resorted to living in a caravan park. The caravan park featured is full, and it reports revenue from caravan parks have almost doubled in the last year.
Dr Andy Marks – St Vincent de Paul Society says “Australia is quite unique in the sense that we have a lot of systems in place to weather the economic storm, but housing and housing affordability is one area where we are really up against it. People who are entering caravan parks as a housing option are really not doing this from choice, its a last resort, its when everything else has dried up.
» Australia’s house price fears – The BBC, 13th October 2008.