What is the value of a parking spot?
There is no definitive answer to this question, however these days it would not be out of the ordinary to say a couple of hundred thousand dollars, if the space is in a prime location in Sydney.
Some of the highest prices paid for a car space include:
- Elizabeth Bay $210,000 (2014)
- North Bondi $240,000 (2010)
- Potts Point $264,000 (2015)
The impressive sale prices mentioned above highlight how valuable parking is and will continue to be in the future ahead for anyone in the Sydney area. This is due to demand continuing to exceed supply.
Having a car space can be very advantageous for people wishing to sell their property. It is very common to see two identical apartments being sold at different prices solely because one has a car space.
Another interesting trend is the increase in properties being sold with off-site parking. This is can be done by purchasing the car space on its own title, then selling both titles together.
If you currently live in a property without parking, it may be a good idea to look for a nearby car space up for sale. Car spaces close to the Sydney CBD can be a low cost direct investment. Alternatively, if you have a car space that you do not use, you may wish to rent it out.
If you wish to purchase or lease out a car space, the team of Accountants and Lawyers at The Quinn Group can help. Call us on (02) 9223 9166 or submit an online enquiry.