News yesterday the petrol prices hit a record high in Melbourne ($1.62 Litre) has continued the long term trend of rising petrol costs throughout the country.
This as most would agree, is only the tip of the ice berg on were fuel prices might go to, it’s been reported that petrol could soar to $3.50 per litre over the next decade making a car impossible to run for many ordinary people.
Properties with a selection of good transport options close by are increasing in demand; however I still feel the full value is yet to come with this being a more and more important feature in the years to come.
In countries such as London, the price for a property skyrockets (providing the area is also of good standard) when close to a tube station as do other cities such as New York, Tokyo etc.
A gentleman asked for my help yesterday who wanted to move closer into the city from were he currently owned a home in Gladstone Park. He figured out its costing him $300 per week just to travel to work via car as he had large petrol costs, city link costs, parking plus cleaning. This did not take into account his car repayments insurance or mechanical repairs.
He is now expressing interest in an inner city property which he always thought was not obtainable, however realising what it now costs him to work he realizes he can put that money to buying a property in the inner city and using transport to get him to work.
This looks like a strong trend.
How much are you spending on you car travels?