According to an analysis by the CSIRO, petrol prices in Australia could reach $8 a litre by 2018, and if fuel prices do start to move upward in such a big way then property prices will be affected. I would imagine we would see a big boom in inner city properties, as well as those close to large regional towns.
Hopefully governments and councils will start to develop major job centres in some of the regional towns to spread out employment, and this will help to broaden the demand for real estate close to the major cities. People will want to minimise their travel costs, and I reckon they’d be prepared to pay more for a property that will appreciate in value over time rather than buy a cheaper home in the outer suburbs but have a higher weekly fuel bill.
In areas that are further out of town, properties close to significant public transport infrastructure, such as train stations and bus routes, will also be popular.