Parking at twice the cost of a new luxury car??

Did you know ….?

The record for the most expensive parking spot in Sydney doubles the cost of a brand new Porsche Cayenne?

Are you ready for this? The record for the most expensive sale of a car parking space in Sydney is a whopping total of $ $264,000. Bet you didn’t realise a parking spot could be that valuable.  

To put that shocking figure in perspective, let’s run the gamut on what else could you get for that kind of money in Australia. For $264,000, you could purchase:

• A brand new apartment in the Blue Mountains (probably with parking)
• An acres-wide farm in Tassie
• Two brand new Porsche Cayennes
• Seven direct-from-the-showroom Toyota RAV4s
• A frankly ludicrous amount of TimTams

So where is this coveted parking space located exactly? And why the lofty auction price?

To contextualise matters, the prestigious parking spot in question is located in Potts Point, an area notorious for its residential parking shortage. According to realestate.com, a staggering 60% of apartments in Potts Point offered over a three month period were listed, “without a permanent car space”. What’s a commuter to do in such cases?

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Well, you could always rent a parking spot for up to $1,298 per month, a figure that probably rivals simply parking illicitly for a month and paying the penalty fees (that wasn’t advice, don’t do that). If you’d rather view your parking as an opportunity to invest, you could begin bidding on one of the increasingly common parking space auctions in Potts Point, with realtors claiming a slew of success stories ranging from $88,000 upwards. Of course, with this method, you won’t be entirely free of incurring monthly costs either. Parking spaces still attract strata levies and council rates, so don’t forget to factor those into the budget.

While a despondent reality for Potts Point residents, Potts Point isn’t exactly an outlier in its dire straits, either. According to news.com.au, an incredulous one-third of properties in Surry Hills, Darlinghurst, Bondi Beach, Paddington and perhaps unsurprisingly the Sydney CBD, hit the market entirely devoid of off-street parking. No wonder parking spot auction prices have skyrocketed.  

Have you considered the worth of your own parking space? If you live in Sydney, Melbourne, Brisbane or any of the other high-density cities, you might be sitting pretty on a veritable goldmine. And marketing it could be as easy as installing a bollard.

ThatsMyspot has assisted countless private parking space owners with automatic, smartphone-connected smart bollards, transforming their personal parking space into a rent-ready commodity for supplemental income. Talk to our friendly team over at thatsMyspot for some advice on what you can do with your particular parking spot, be it residential or commercial.

And if you live in Potts Point or one of the many other suburbs with shortages – what are you waiting for?