The ONE real estate listing that tells you everything you need to know about Australia’s real estate market: Car space sells for eye-watering price
- A CBD car space in Bond Street in Sydney costs the same as an entire apartment
- Underground double parking spot gone up for sale for $525,000 near Wynyard
- Same price tag as one for a two-bedroom unit in Toongabbie in the city’s west
- Comes as commuters avoid public transport and buys cars to avoid Covid-19
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A car space in one of Australia’s major cities has gone up for sale at the same cost as an entire two-bedroom apartment in the suburbs.
The double parking spot near Wynyard train station in the Sydney CBD is on the market for $525,000 – up from $330,000 in 2015.
The underground space – which allows two cars to be parked back-to-back – has the same price tag as a two-bedroom unit in Toongabbie, in the city’s west.
The parking spot’s seller told Daily Mail Australia the price tag was fair considering how much he had seen other spaces in the complex sell for in recent months.
This double parking spot on Bond Street near Wynyard in the Sydney CBD is on sale for $525,000 – the same price as a two-bedroom apartment in the city’s north-west
‘With this particular building I have seen single spaces sold in the high $100,000s and low $200,000s,’ he said.
‘This one also has a free strata that isn’t attached to the building, so it doesn’t have to be sold with an apartment.
‘There’s a lot of demand at the moment for people in the CBD who can’t find a spot in their own building.’
The seller, who did not wish to be named, said he wasn’t interested in a lower price as it wouldn’t generate much of a return with interest rates so low.
The spot was listed as commuters increasingly turn their backs on public transport and buy cars to avoid contact being exposed to Covid.
Single car spaces in Woolloomooloo and Darlinghurst in the inner-city have sold for as much as $305,000 in recent months, a report said.
The underground space costs the same as a two-bedroom apartment in this unit building in Toongabbie in the city’s north-west
The double parking spot is pictured. The seller told Daily Mail Australia the price tag was fair considering how much he had seen other spaces in the complex sell for in recent months
Parkhound CEO Mike Rosenbaum said demand for parking in January was 240 per cent higher than it was in December.
‘People are nervous to take public transport because of the outbreak. More people are driving,’ he told The Daily Telegraph.
‘It used to be that a lot of the people who lived on the fringe didn’t drive. They would walk or take an Uber. That’s changed, now they want to drive.’
Real estate agent Silvia Vitale said the value of parking spots in Potts Point had risen by about 25 per cent from $225,000 to $280,000 since 2020.
