Before you ask – yes, we have nothing to do with our lives other than torture you with myriad examples of Sydney’s wild-as-hell property market. It is our creed.
Now that’s out of the way: a grimy-looking secure car space in Potts Point sold at auction on Monday for a whopping $190,000. $190K, for a block of covered concrete to park your car on.
Agent Anthony Birdsall, from Laing Real Estate, said that there was a decent amount of interest in the car spot, mostly from locals who just wanted somewhere to park. Not commuters looking for a car space close to work – just your average punter who has nearly 200,000 clams to drop on a sweet parking spot near their apartment.
Y’know. Like all of our readers, I assume. I know I absolutely have that kind of walking around money. I was just checking if all of you guys do too.
In case you were wondering whether that’s a totally normal price to pay for a car parking spot in inner Sydney, the very same spot sold for $95,000 in 2010. So you better start either pinching pennies or catch the train like a normal person.
Angelo Bouras, from Richardson and Wrench Elizabeth Bay, told Domain that purchases of this nature often don’t have anything to do with investment – it’s just people looking for a bloody park:
These people live in buildings where they don’t have parking … they’re tired of parking up the street and walking their shopping up the stairs. It’s nothing to do with yield or investment or capital growth – it’s purely convenience.
Must be real nice to be able to chuck heaps of money at Sydney’s parking problem and make it all go away.
Generally its pretty hard to sell off a parking spot. Councils rarely issue approval for a parking spot to be sold as a separate lot, and even those trying to rent theirs out will likely run into problems with their building’s body corporate. Life isn’t easy when you’re trying to offload eight or so square metres of concrete.