Brighter Selling

Can a parking spot add $50k to your sale price?

by Kate Watt, Marketing Manager 10 June 2021

While properties in some Aussie markets command a premium for parking space, it’s not to the tune of a cool million.

A cashed-up buyer has reportedly paid $1.7 million for a parking spot in a high-end Hong Kong development, setting a new price record – and reminding us here in Brissie how affordable our property market really is.

A Lendi survey found that almost six in 10 Australians were willing to pay extra for a home with parking.

Most expected to pay less than $10,000 (17.8 per cent) or between $10,000 to $25,000 (14.6 per cent).

While 10.2 per cent would be willing to pay a whopping $50,000 extra.

So how much value will parking add to your property?

It really depends on where it’s located. As a general rule properties with little or no on-street parking, like inner city suburbs, will command extra for a parking space.

It’s worth noting the survey was conducted pre-COVID so the more recent trend to working from home may also change buyers’ interest in car parking.

The best way to figure out the value of a car space – whether you’re buying or selling – is to talk to local agents who know your neighbourhood.

Need a new home for your cars? View our current listings for sale or check our listings for rent.