Article: Proximity to train or trams lifts house price

[ozbob]

From Herald Sun click here!

Proximity to train or trams lifts house price

Proximity to train or trams lifts house price
Article from: Herald Sun

Mary Bolling

July 24, 2008 12:00am

IT can save you plenty of petrol price pain, but Melbourne's rail network is also making money for those lucky enough to live nearby.

New data shows that homes in suburbs within 2km of a train station or tram stop are worth an average of $165,625 more than in suburbs not connected to rail.

Colliers International researchers found that in December last year, house prices for suburbs near trains and trams hit an average of $526,000 - with top rail suburb prices soaring by up to 57 per cent in the year.

While Carlton led the group, jumping to a median of $767,500, Seddon and Huntingdale climbed 54 per cent, to $590,000 and $580,750.

Growth rates in suburbs not connected to rail were 1.5 per cent behind growth rates on the train line.

Colliers International residential researcher Jonathon Rivera said demand for properties connected to public transport would increase.

"With Melbourne experiencing such a radical transformation, it is a city that will heavily rely on its transport infrastructure moving forward," he said.

I think this  is the situation now in all urban areas.  Public transport is a key community asset and will impact on property values.  The situation with the outer urban, public transport poor car dependent suburbs will in time need be addressed with the provision of accessible public transport options. As fuel, parking and running costs of cars continue to climb skywards this is going to be a critical social and economic  factor IMHO.