A parking space for sale in one of Australia’s most luxurious suburbs has raised eyebrows over its astonishing price.
The property is located within a secure car park at 2-4 Notts Avenue in Bondi, in Sydney’s eastern suburbs, and is for sale for $1 million.
The price is significantly higher than a property that sold for $500,000 in nearby Woollahra earlier this year.
Listing agent Ben Collier of The Agency said it was the most expensive parking space sold in the city that he could recall.
“Parking adds, I would say, a minimum of 10 to 12 percent of the total property per space. It’s more of a percentage basis,” he said. Yahoo Finance.
“This gentleman would have considered that if his property is worth $5 or $6 million, the parking space reflects the added value to his home.”
The million-dollar property, which is a stone’s throw from Bondi Beach, is a solid investment, according to Ric Serrao of Raine and Horne.
“What is a million dollars today will be two million in five years,” he said.
A parking space inside this secure garage in Bondi will set you back a million dollars.
2-4 Notts Avenue is a stone’s throw from Bondi Beach.
However, this would make buying a park in Sydney more expensive than buying an apartment in other cities.
CoreLogic data showed the median price of an apartment in Australia is $644,758, however, the price is lowest in Darwin, where the price is set at $364,075, and in Perth and Adelaide both at $514,369.
But the return on investment in parking would pay dividends, according to parking booking app Parkhound.
It says you can rent a parking space in Bondi for up to $780 a month.
The advert for Bondi parking spaces on property website Domain described it as a “once in a generation” deal.
“Imagine the privilege of arriving at Bondi Beach on a hot summer’s day, free from the stress of finding a parking space. Instead, you’ll be able to effortlessly drive right into your private, secure, covered beachfront garage,” it said.
‘This paradise not only has the closest parking to the beach and icebergs, but also essential services such as electricity and fresh water, conveniently within reach.’
He also says that in addition to shelling out $1 million for the space, he will also be asked to spend $226.88 per quarter on taxes.