What’s the cost of a parking spot?

The value of parking spaces is one of our blog’s favourite topics. We published a story recently about a stand-alone garage in Bondi, Sydney, selling for almost a quarter of a million dollars.

This week, we have come across an article about the impact of an off-street parking space on the value of a private or rental property. Aussie Home Loans has published a range of incremental which a parking space adds to the price of an inner-city apartment – based on estimates from WBP Property Group.

In Sydney’s CBD, and eastern suburbs including Waverley. Randwick and Woollahra, a garage can add as much as $120,000 to $150,000 onto the value of an apartment. The inner-western suburbs of Sydney see an increase of $70,000 to $120,000, whilst the eastern beachside-suburbs see estimated increases in excess of $200,000.

In Brisbane, an inner-city property without a car space can expect to sell at a “discount” of $30,000 to $80,000 depending on local conditions.

In Melbourne, a car park can add $40,000 to $100,000 to the value of a city apartment. For an inner-city home with an off-street parking space, the value is estimated at $40,000 to $70,000.

An element of parking management we are seeing in other countries is the unbundling of the cost of parking from the cost of the residential or commercial property so that the true value of the parking space can be identified and buyers can then make an informed decision.

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