Raine & Horne agent Christophe Serrao said there’s almost no limit to what people will pay for parking spaces. (Source: Supplied\/Getty) <\/p>\n
Australians are being warned about an increasingly rare property feature<\/a> that could boost a home’s price by tens of thousands of dollars<\/a>. Some people love a good view, backyard, pool, or privacy from their nosy neighbours.<\/p>\n But parking spaces<\/a> are in hot demand across Australia, and they come with a hefty price tag<\/a>. Raine & Horne Double Bay agent Christophe Serrao told Yahoo Finance it’s fast becoming one of the hottest amenities for a home.<\/p>\n “I recently sold a car space down on Campbell Parade in Bondi, which wasn’t flash or in a great location, for $350,000,” he said.<\/p>\n He’s just listed a 32 square metre unit in Bondi Beach<\/a> that comes with a 20 square metre lock-up garage that is on its own title, meaning you could lease out the car spot or sell it separately if you wanted to.<\/p>\n Serrao said it was tough to put a price tag on something like that because it’s so unique to have storage and parking in that northern end of the iconic beach.<\/p>\n But the unit has a price guide of $1.5 million.<\/p>\n Two other similar-sized units in that building recently sold for $1.425 million, but they had great outdoor spaces.<\/p>\n Meanwhile, this unit’s big unique selling point is the garage, and it’s already priced higher than its counterparts, with the agent saying he’s received dozens of calls.<\/p>\n Do you have a story? Email stew.perrie@yahooinc.com<\/p>\n This wholly depends on where you’re looking and what kind of buildings are around you.<\/p>\n If you’re in a tightly packed area with plenty of apartment buildings, chances are a parking spot will come with a higher price tag.<\/p>\n But if there’s plenty of room for everyone, it might not be in as much demand.<\/p>\n Furniture retailer Luxo Living recently looked into the properties sold in the last two years and compared the price difference between similar homes with parking versus those without parking.<\/p>\n Sydney’s Newtown was found to have the most expensive parking spaces in the country, with them adding an average of $155,868 to the final bill.<\/p>\n Collaroy, a beachside suburb in Sydney, wasn’t far behind that popular inner west location, with parking spaces costing an average $155,858.<\/p>\n Sydney’s Coogee ($154,941), Highgate Hill in Queensland ($153,639), and Cottesloe in WA ($152,679) rounded out the top five.<\/p>\n There were five NSW suburbs in the top 10.<\/p>\n Story Continues <\/p>\n \u201cAs suburban areas become denser… dedicated parking is becoming more scarce for everyday people,\u201d Winston Tu, Luxo Living founder and CEO, said.<\/p>\n \u201cWhat was once considered a standard feature of a home is now being treated as an additional upgrade, driving up the price of property in an already competitive market.\u201d<\/p>\n He added that popular beachside suburbs felt this upgrade more profoundly as space was incredibly limited.<\/p>\n Plenty of areas across the country are growing by the thousands every year, and many aren’t seeing a subsequent increase in available parking.<\/p>\n Fraser Rise, in Victoria’s Plumpton, saw 4,316 more residents arrive in 2024 compared to the year prior, which was a 26 per cent increase in population.<\/p>\n Some street-level parking has also been stripped back in certain areas to make way for wider pedestrian walkways, bike lanes, loading zones, or seating areas for hospitality venues.<\/p>\n Serrao said that when developers are building a block of apartments, they try to squeeze as many car spaces in as possible, but only to a certain limit.<\/p>\n “They’re very valuable, the parking spaces; however, they’re not going to sacrifice parking for apartments,” he told Yahoo Finance.<\/p>\n “So they have to get approval from councils, and council regulations are pretty restricted on what you can and can’t do. They get a bit funny around parking.”<\/p>\n He said some developments will only be able to excavate to a certain depth, which meant there might not be a space every single unit-holder.<\/p>\n This lack of parking spaces has been incredibly lucrative for agents like Serrao, who has seen car spots sell upwards of $400,000.<\/p>\n Six 85 square metre car spaces near Sydney’s Circular Quay recently sold for an eye-watering $3.65 million, or $608,000 each.<\/p>\n This comes as the NRMA revealed<\/a> that available parking in Sydney’s CBD fell from a ratio of 0.21 spaces per employee in 2014 to just 0.14 spaces in 2023.<\/p>\n It was a similar story in the city’s western suburbs, with Parramatta CBD losing roughly 2,000 parking spaces in five years due to the closure of three multi-storey carparks.<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n This Bondi unit has a price guide of $1.5 million, and it comes with a 20 square metre lock-up garage. (Source: Raine & Horne) <\/p>\n