Ride share services such as Uber have had a pronounced impact since their arrival in Australia in late 2012, and not just on the hip pocket of consumers.
As this excellent chart posted on Twitter by Jamie Hall shows, it’s also had a large impact on the cost of taxis plates in Sydney.
The Uber effect pic.twitter.com/efoKm9d45r
— Jamie Hall (@jamie_hall) January 11, 2017
After topping out at $430,428 in September 2012, the average transfer price has now fallen to $217,500 as at the end of last year.
While the NSW Roads and Maritime Authority — the source of the data — stresses that the average price of transfers are prone to significant variance given each sale is based on a number of variables and may not be indicative of overall market trends, it’s clear that increased competition has had an impact on taxi plate prices.
In late 2015, the NSW government announced a $250 million taxpayer-funded industry adjustment package to compensate taxi and hire car licence plate owners following the legalisation of Uber X in the state.