In light of future public spending on public transport, a survey was designed to study public attitudes towards bus and rail systems, the trust invested in their infrastructure, and the perceptions regarding value added by the amenity to real estate. A sample of N=396 respondents from the Lower Hutt and Eastbourne areas of Wellington, New Zealand were divided into three groups; Waterloo, a high public transport access area for the collection attitude data; The two remaining areas Petone/Eastbourne, and Woburn were manipulation cites, where rail access was either removed or introduced in a hypothetical scenario. Results showed more positive, and universal attitudes towards rail, while attitudes to bus were influenced by a number of demographic measures. Revealed preferences showed a disinclination to use the bus when rail is available. Respondent showed greater trust in the stability of rail over bus infrastructure. Reactions towards the rail removal scenario were negative; house prices were expected to decrease. Reactions to the rail inclusion scenario were ambivalent, when they were expected to be positive. Loss aversion is cited as a possible explanation for this pattern of results. Recommendations are made for a reduced priority on bus development within rail serviced areas, and further research to confirm results.