Parking spot pricier than a Porsche

Parking spot pricier than a Porsche

31 May 2010 by Staff Reporter 0 comments

Two garage spots near Sydney’s iconic Bondi Beach are expected to sell under the hammer this week for $430,000 – more than the cost of a new porsche.

The 13sqm properties, which are situated opposite the infamous “Icebergs” hangout on Brighton Boulevard, are currently leased as storage space for $9,000 per year by the club.

The properties will be sold at auction this Thursday, with agents Raine & Horne conducting the sale.

One of the spaces is on a 48-year lease, while the other is on a 78-year lease.

Raine & Horne Double Bay agent Ric Serrao told The Sunday Telegraph how parking demand in Sydney’s inner and eastern suburbs is increasing, with people splashing out for parking space in the chic suburb.

"It shows how valuable space has become,” Mr Sarrao said.

"I had clients joking about putting their letter boxes on separate title and selling them."

Meanwhile, City Commercial Property managing director Warren Duncan said parking spaces at Bondi have overtaken sales in the Sydney CBD, with parking spots ranging from $60,000 to $140,000 depending on the district.

"There's a shortage of car parking at Bondi because most one-bedroom apartments don't have parking," Mr Duncan said.

Two garage spots near Sydney’s iconic Bondi Beach are expected to sell under the hammer this week for $430,000 – more than the cost of a new porsche.

The 13sqm properties, which are situated opposite the infamous “Icebergs” hangout on Brighton Boulevard, are currently leased as storage space for $9,000 per year by the club.

The properties will be sold at auction this Thursday, with agents Raine & Horne conducting the sale.

One of the spaces is on a 48-year lease, while the other is on a 78-year lease.

Raine & Horne Double Bay agent Ric Serrao told The Sunday Telegraph how parking demand in Sydney’s inner and eastern suburbs is increasing, with people splashing out for parking space in the chic suburb.

"It shows how valuable space has become,” Mr Sarrao said.

"I had clients joking about putting their letter boxes on separate title and selling them."

Meanwhile, City Commercial Property managing director Warren Duncan said parking spaces at Bondi have overtaken sales in the Sydney CBD, with parking spots ranging from $60,000 to $140,000 depending on the district.

"There's a shortage of car parking at Bondi because most one-bedroom apartments don't have parking," Mr Duncan said.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?