How much is a car space worth?

How much is a car space worth?
How much is a car space worth?

Guest observation

We are often asked this question, and it is not an easy one to answer as the price will vary remarkably depending upon location and availability of on-street parking.

While one might think a car space in, say, Paddington (Sydney) might be worth around $100,000, the last one I sold brought just $20,000 because the by-laws of the Strata prohibited the ownership by anyone other than a unit holder. Interesting.

A quick browse on findacarpark.com.au shows a car space (fits two cars) at 2 Bond Street, Sydney available for $330,000 (or nearest offer!). Not as expensive at 251 Clarence Street, Sydney. There are also several available from $75,000 while in Harris Street, Ultimo there is one listed for $39,500+GST.

This month, 10 of the world's most expensive parking spaces have gone on sale in New York City, each costing more than four times as much as the average American home - or $250,000 per tyre.

The parking spots are being offered in an underground garage which will be attached to a luxury apartment block in Manhattan's SoHo area. At $6,666 a square foot, they are considerably more expensive by area than the nine three-bedroom flats they are attached to, which are on the market for up to $10.45 million, or $3,140 a square foot (or just over $29,000 per square metre).

Shaun Osher, of the brokerage firm CORE in Manhattan, which is handling the sale and marketing of the property, called 42 Crosby, said the chronic shortage of parking spaces in SoHo meant that the $1 million spots were certain to be snapped up. He told the New York Times: "In real estate, location defines value and parking is no exception to that rule."

As well as space to park a car, the spots come with a charger for an electric vehicle and storage space – also at a premium in cramped Manhattan.

A parking space in London has sold for £400,000, 2.5 times the cost of an average UK home, making it the most expensive of its kind in Britain.

The underground space, which can fit two cars, is near London's Royal Albert Hall in Kensington.

For the same amount of money, a motorist could afford to park their car 880 yards away at the nearest NCP car park for 31 years - at a cost of £35.10 a day.

It might be cheaper to catch a cab!

You might also be interested in:

Record $210,000 car space at Elizabeth Bay auction


Bob Guth is the co-director and chief auctioneer of BradfieldCleary.

 

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