Even the Grey Nomads are becoming spooked by the housing price downturn, potential changes to franking credit rebates and generally tougher economic conditions in Australia.

Apollo Tourism and Leisure, a global company that deals in in campervan rentals and sales with a fleet of 5000 vehicles across Australia, the US, New Zealand and Europe, says the Grey Nomads are backing off from buying top-of-the range campervans and caravans, and trading down to lower priced vehicles in preparation for extended trips around Australia.