Saturday, July 26, 2008

Threat of tunnel already affecting Real Estate Prices?

There's an article in today's The Age, stating that petrol prices and 'the commute' are already causing a dip in prices of houses more than 20km from the city.

However, this article also has a table of suburbs, with median prices and the quarterly change.

Take a look at some local suburbs, and look at the changes in the last quarter. The three suburbs most affected by a car tunnel, Footscray and especially Ascot Vale and Kensington, have taken a dive, where similar suburbs alongside have gone up. The truck action plan may also have had a detrimental impact upon Yarraville. This goes against the trend, where houses within walking distance of the city increased by an average of 1.9%
  • Ascot Vale - Down 7.2%
  • Flemington - Up 1.4%
  • Footscray - Down 2.8%
  • Footscray West - Up 1.6%
  • Kensington - Down 7.0%
  • Maribyrnong - Up 0.6%
  • North Melbourne - n/a
It makes you wonder... it sure has Becton worried. (Read their EWLNA submission here).

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