NSW: Unemployment and mortage defaults increasing quickly in NSW
28 Apr 2009 2:19 AM
SYDNEY, April 28 AAP - The number of unemployed people in parts of Sydney has almost doubled in the space of a year, while one in 16 homeowners are defaulting on their mortgages.
News Limited reports a new study has found the unemployment rate is particularly high in Fairfield and Liverpool, in Sydney's west.
As many as 10.5 percent of residents in these suburbs are out of work compared with 5.9 per cent this time last year.
The top area in NSW for mortgage defaults was Nelson Bay, north of Sydney, followed by Raymond Terrace, also north of Sydney.
Other areas with a high number of homeowners defaulting on their mortgages include Katoomba, in the Blue Mountains, Greenacre, in Sydney's south-west, and Guildford, Fairfield, and St Marys, in Sydney's west.
The study was compiled by the University of Western Sydney's Urban Research Centre.
