Ensure you never miss an issue of the
real estate business bulletin
Parking spot pricier than a Porsche

Parking spot pricier than a Porsche

by 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.

Parking spot pricier than a Porsche
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?