Parking space price shocker: Costs more than a house in exclusive beachside area! Are you paying too much?
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In the world of real estate, we're accustomed to hearing about sky-high prices for waterfront mansions and luxury penthouses, especially in sought-after areas. But what about paying top dollar for something as simple as a parking space? Yes, you read that right, a parking space. In the ritzy beachside suburb of Bondi, a parking spot has hit the market with a price tag that could make your jaw drop – a whopping $1 million!
This isn't just any parking space; it's nestled inside a secure garage at 2-4 Notts Avenue, just a stone's throw from the iconic Bondi Beach. The cost is enough to make you wonder if you're reading a typo. It's more expensive than some homes! To put it into perspective, earlier this year, a parking spot in nearby Woollahra sold for half that price at $500,000, which at the time seemed steep.
Ben Collier from The Agency, the selling agent, believes this could be the most expensive parking spot sold in Sydney to date. He suggests that parking can add a minimum of 10 to 12 percent to the overall property value per space. 'This gentleman would have taken a view that if his property is worth $5 or $6 million, the car park reflects the value add to his house,' he explained to Yahoo Finance.
Ric Serrao of Raine and Horne sees it as a sound investment, predicting that the $1 million investment could double in five years. But let's pause for a moment to consider this: buying a parking space in Sydney could now be more expensive than purchasing an apartment in other Australian cities. According to CoreLogic, the median price for an apartment in Australia is $644,758, with prices in Darwin, Perth, and Adelaide being significantly lower.
Yet, the investment might not be as outlandish as it seems at first glance. Parkhound, a car parking booking app, notes that a parking spot in Bondi could fetch as much as $780 per month in rental income. That's a tidy sum for a piece of pavement!
The listing on Domain describes this parking spot as a 'once-in-a-generation' offering, highlighting the convenience and luxury of having a guaranteed spot near the beach, complete with power and fresh water amenities. But the costs don't stop at the purchase price; there's also a quarterly levy of $226.88 to consider.
For many of us, especially those of us enjoying our golden years, the idea of spending a million dollars on a parking space might seem ludicrous. After all, that kind of money could secure a comfortable home, fund a lavish round-the-world trip, or be a generous nest egg for the grandchildren.
So, what does this say about the state of our property market? Are we valuing convenience and exclusivity over practicality? And more importantly, could this be a sign that we're paying too much for the privilege of parking our cars?
We'd love to hear your thoughts on this. Have you ever paid over the odds for a parking space? Do you think this Bondi spot is worth its million-dollar price tag? Share your experiences and opinions in the comments below – let's get the conversation rolling!
This isn't just any parking space; it's nestled inside a secure garage at 2-4 Notts Avenue, just a stone's throw from the iconic Bondi Beach. The cost is enough to make you wonder if you're reading a typo. It's more expensive than some homes! To put it into perspective, earlier this year, a parking spot in nearby Woollahra sold for half that price at $500,000, which at the time seemed steep.
A parking space in this Bondi Beach property sparked discussions about its pricing. Image Credit: Google Maps
Ben Collier from The Agency, the selling agent, believes this could be the most expensive parking spot sold in Sydney to date. He suggests that parking can add a minimum of 10 to 12 percent to the overall property value per space. 'This gentleman would have taken a view that if his property is worth $5 or $6 million, the car park reflects the value add to his house,' he explained to Yahoo Finance.
Ric Serrao of Raine and Horne sees it as a sound investment, predicting that the $1 million investment could double in five years. But let's pause for a moment to consider this: buying a parking space in Sydney could now be more expensive than purchasing an apartment in other Australian cities. According to CoreLogic, the median price for an apartment in Australia is $644,758, with prices in Darwin, Perth, and Adelaide being significantly lower.
Yet, the investment might not be as outlandish as it seems at first glance. Parkhound, a car parking booking app, notes that a parking spot in Bondi could fetch as much as $780 per month in rental income. That's a tidy sum for a piece of pavement!
The listing on Domain describes this parking spot as a 'once-in-a-generation' offering, highlighting the convenience and luxury of having a guaranteed spot near the beach, complete with power and fresh water amenities. But the costs don't stop at the purchase price; there's also a quarterly levy of $226.88 to consider.
For many of us, especially those of us enjoying our golden years, the idea of spending a million dollars on a parking space might seem ludicrous. After all, that kind of money could secure a comfortable home, fund a lavish round-the-world trip, or be a generous nest egg for the grandchildren.
So, what does this say about the state of our property market? Are we valuing convenience and exclusivity over practicality? And more importantly, could this be a sign that we're paying too much for the privilege of parking our cars?
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