A new report has revealed the eyewatering amount Aussies are paying to park their car in the city, with vacant spaces listed for sale for upwards of $30,000.
The Parkin’ Mad report by NRMA and Bitzios Consulting found that Sydney drivers were being slugged with some of the most expensive parking fees in the world – roughly $77.30 (US$51) a day.
Melbourne drivers are forking out, on average, $60.60 (US$39) a day, while Brisbane commters are splashing out around $60 (US$38) a day.
Traffic congestion in Melbourne. Picture: NewsWire / Andrew Henshaw
To put those figures into perspective, the report compared Sydney’s parking prices to comparable sized US cities, with similar population and density levels.
It found that drivers in Australia’s three biggest cities – Sydney, Melbourne and Brisbane – were all paying more on average per day than commuters in Boston (US$30), San Francisco (US$27), San Diego (US$25) and Seattle (US$23).
So it is little wonder that vacant car spaces in our capital cities are commanding a premium.
In Brisbane, a vacant car park at Ballow Chambers in Spring Hill is listed for $37,500.
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A car park for this building is for sale
Incredibly, there were four car parks for sale, with only one left, according to the listing.
“There are no tenants in place, and the car park building is not a public car park,” the listing says.
“Buyers who are not planning to occupy the car park should conduct independent investigations regarding current car park rental rates in the area.
“Prior to Covid-19, car parks in this car park building were selling for $50,000 each; take the opportunity to snap this car park up at only $37,500.
“Outgoings for this financial year have been set at $2,300 per car park + GST.”
A car park in Spring Hill is listed for $37,500
Another car park, also in Spring Hill, is listed for sale for $47,500 on Findacarpark.com.au, while another is listed for rent for $300 a month.
“We have owned space 145 in the Astor Terrace Car Park, Spring Hill, for nearly 15 years and it has proved a sound investment,” the for sale listing says.
In Sydney, a single 14sq m car space in the CBD is listed for a mindblowing $150,000, or a staggering $10,744 a square meter.
Incredibly, the agency has put out a call for more listings.
“SOLD! More Stock Needed!” it says.
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A carpark in this Sydney complex is listed for $150,000
In Melbourne, a single carpark in the CBD is listed for $70,000 — roughly equivalent to the average full-time salary.
A carpark at 38 Rose Lane, Melbourne, is for sale for $70,000
NRMA spokesman Peter Khoury said part of the reason parking prices had risen to unreasonable levels was due to policies decreasing the number of available parking spots.
“It’s a culmination of a number of things: construction and rezoning, the building of cycle paths and building shared paths has seen a lot of parking lost in recent years,” he said.
“Less parking options is obviously going to increase costs.”
He said the continued reduction of on-street parking meant more people needed to rely on expensive parking stations and called on the government to set a cap on parking fees.
