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Market Update - April

April 18, 2016
future

Earlier in the week, I attended an Innovation Seminar specifically related to all things real estate and like most middle aged generation X males desperately clinging on to 21st-century relevance by my fingernails, came away in a mixed state of shock, amazement and mild panic.

From Virtual Reality goggles to 3D floor plans etc, the number of new and inventive things on the technological horizon was truly mind boggling.

But the one device that resembled a true game changer where life as we know it will never be the same again was the driverless car.

And in the words of one presenter, "It's not a matter of if this invention will revolutionise our way of life but simply WHEN."

Imagine a world where the roads of tomorrow are dominated by a vast array of driverless vehicles predominately owned by public and private organisations

As citizens of large cities and even regional areas we simply check on our Smart phone (or whatever more sophisticated device has replaced it) when the most suitable vehicle will arrive within a block of our home or apartment building and simply quickly walk to and wait at the designated stop. Upon entering the vehicle we make a quick financial transaction and away we go, sitting down and using the free Wi-Fi to do work, play games or simply speak to friends whilst we are driven to our destination on a road filled with similar type vehicles.

There will be a congestion tax payable through endless e-tolls for those who wish to ignore progress and continue driving their own privately owned cars thus relegating such pursuits to only the mega-rich or employees subsidised by their respective companies.

The type of vehicle you board and whether you wish to share a ride with others will be accordingly priced to make it more financially attractive for users to car pool. A centralised computer system run in conjunction with the State rail government will be able to deliver at the push of a button exactly how many cars are on the road, travelling in a never ending circuit run by their purely renewable energy source be it solar, hydro or electric. There will be no speeding, no drink driving, no human error whatsoever and far more reduced peak hours of traffic. Even no petrol stations, which will probably be purchased by developers and turned into even more apartments!

Sound far fetched ? Impossible to consider as a reality in the next 10, 15 or maybe 20 years time ?

Well think back to the year 1995 when mobile phones were still analogue and just being equipped to send text messages. Most BUSINESSES were using dial up to access the Internet on their desktop computer whose PC and monitor resembled a 1970s Television set.

20 plus years later and almost everybody walks around with devices that now connect immediately to the Internet, send emails and take photos better than most digital cameras.

How is this relevant to property ?

Well if the public transport problem can be solved it will totally revolutionise where people choose to live. Imagine you can book a 7.30am vehicle to take you to work that has teleconferencing facilities so you can have a meeting with fellow colleagues during your measured to the second 37 minute trip. Everyone will no longer be burdened with the time wasted in having to concentrate on driving a vehicle on the roads and can therefore replace that with a myriad of activities.

The possibilities are endless and what was most inspiring about this seminar was the fact that all the presenters were asking the limitless question of exactly how far we can go.

Just a reminder that we have a great home going to Auction this weekend :

- 3PM : 7 Wicks Avenue, Marrickville : 3 B/R double fronted freestanding home plus carport

The property will be available for a final inspection fifteen minutes prior and you are welcome to attend.

That's it from me. Have a great weekend and I'll see you next Thursday.