Record $210,000 car space at Elizabeth Bay auction

A residential inner city Elizabeth Bay car space fetched a record $210,000 at auction last night.

It was sold at Laing Real Estate auction, reflecting 13% annual price growth over the past 37 years.

The buyer is understood to own an apartment close to the Elizabeth Bay Gardens complex, and presumably doesn't have off street parking.

It is not a Sydney record, as Property Observer recalls a 16 square metre single car parking space at North Bondi sold for $240,000 in 2010.

The Elizabeth Bay car space looks like a lockup garage, but it shares a common, somewhat dated, roller door, making it difficult for storage which is a popular use for jammed packed, downsized inner city dwellers.

The sale comes a week after the State Government unveiled a policy that will restrict the supply of car spaces in new Sydney apartments built near ­public transport.

It was a deceased estate auction with the security undercover 14.8 square metre strata offering through agents Vicki Laing and Simon Polito.

Property Observer gleans car space sales in the Onslow Avenue block had previously topped $130,000.

It last sold in 1977 for $2000.

“Is it out of line? Maybe,” Polito said.

Elizabeth Bay Gardens is a sought after residential 1960s building at 15 Onslow Avenue, off Greenknowe Avenue.

Simon Polito suggested the highest known price in the area had been $136,000 for a space in 7 Rockwall Cresent, Potts Point last year.

The local King Cross car park bay doesn't yield anywhere near similar prices to the prime residential car spaces in the inner city location.

A Bayswater Road car space sold earlier this year at $50,000 which reflected two percent price growth since its initial 2002 sale. Another, sold in 2002 for $38,000 resold at $48,000 in 2010 and at $48,000 again earlier this year.

Raine & Horne Double Bay agent Ric Serrao sold the $240,000 Brighton Boulevard parking spot at North Bondi.