Parking spaces in Sydney are being sold for more than it would cost to buy a house in some parts of the country.
The appeal of art deco apartments in the Sydney suburb of Potts Point, many of which lack car parking, is driving some locals to buy their own car spaces.
According to Nuri Shik of Laing+Simmons Potts Point, the fact people are choosing to buy their own permanent parking spot demonstrates how highly they value the lifestyle on offer in Potts Point, located a few kilometres from the Sydney CBD.
“The many character buildings in the area have enduring appeal to buyers and those who already live in these properties are typically uninterested in living anywhere else,” Mr Shik said.
“While many of these buildings don’t include parking, the attraction of the art deco apartments and the appeal of the area itself is no deterrent.
“For many locals, it’s more appealing to purchase their own parking space for the convenience aspect because they’re simply unwilling to compromise living in their art deco apartments and the lifestyle that goes along with the Potts Point locale,” he added.
In Macleay Street alone, three car spaces have already sold this year, each for around $100,000.
Given these spots lease for just $50 to $60 per week, Mr Shik believes it’s not investors but people who actually live in the area who are purchasing these spots.
Laing+Simmons Potts Point have just listed a car space at 106/45 Macleay Street in Potts Point for $125,000.
Contrast this with RP Data's latest suburb report, which revealed 50 suburbs in the country where a house can be bought for less than $120,000.