Sydney is known for a wide range of things. Most people associate it with overpriced houses, $24 avo on toast and a lack of nightlife. All correct, but how about car spaces worth hundreds of thousands of dollars?
People are selling car spots with their own title for on average $150,000-$250,000 in the CBD. Yes, you read that correctly. It is seen as a long-term investment for regular city-goers to ultimately save money on parking or offload it at a profit. Prime positioned spots can also fetch rent of around $1000 a month, with Bondi one of the most wanted that can fetch up around $1500 per month.
In 2015, Terence Chuh listed a spot on the corner of Bond and George Street for an eye-watering $330,000. Many factors contributed to this price, given the prime location in an exclusive apartment block, but the primary concern was the depth of the car space as it could potentially fit two cars. Again in 2017, Chuh listed a tandem car spot in the Mantra 2 Bond Street Complex for a whopping $400,000.
$330,000 double deep car space on the corner of Bond and George.
In mid-2021, in the Macleay Apartments complex in the highly desirable Potts Point, a vacant car spot listed with Laing + Simmons sold for $225,000. Real Estate agent Silvia Vitale, the seller of the prized spot, told news.com.au that sales like this are very common, particularly in Potts Point. “This is mainly because a lot of the Art Deco apartments don’t have car spaces … and it’s the most densely populated suburb in Australia.” Silvia said.
While Sydney is one of the most expensive cities on earth, a company called Centerpark is making headlines for selling 23 car spaces on the sought-after Upper East Side of Manhattan for a shattering AUD$485,000.
Founder of findacarpark.com.au says these prices are bang on and also quoted, “A car park is like gold — it’s a finite resource.”