I currently live in East Melbourne (~15 second walk from Hoddle Street) and pay through the nose for the privilege. And yet a few years ago lived in one of thos

I currently live in East Melbourne (~15 second walk from Hoddle Street) and pay through the nose for the privilege. And yet a few years ago lived in one of those big Victorian terraces on Hoddle just 50 metres away, where a mate and I paid AUD $240/week each for the entire place. What you say about the disparity in property value caused by the road is spot on. Funnily enough, a little while back my neighbour made the exact same point about Hoddle Street - in (say) twenty years the property values are going to see a massive shift because of changing technology in our cars. However I think it will be the move to electric cars that makes the real difference. No more fumes, no more grime covering every surface, far less noise. Add in reduced traffic because of self-driving tech and suddenly that property will be worth a packet.