Could a Car Park Rev Up Your Property’s Price?

Having a car park next to your apartment could add as much $200,000 in value to a one-bedroom apartment in Melbourne’s inner suburbs according to recent studies. Research has found that suburbs close to the CBD are the most likely to benefit from having a parking area nearby. However, it’s safe to say that any homeowner loves the idea of affordable and available pricing.

North Melbourne was the location that led the way for value-added parking solutions. One-bedroom apartments with a parking space in this area got an average price of $380,000 for 2019. Additionally, in Carlton, a car park added $185,000 to the price of a one-bedroom apartment. 

Driving Bigger Sales for Your Home

According to experts in the real-estate space, while people are happy to take advantage of public transport, cars are still one of the most popular ways to get around. Changes to planning rules that allow apartments to be built without parking means that the price of places with a parking space is going up all the time. People just don’t want to leave their cars on the street. 

Permits in North Melbourne for parking are currently only available for properties issued an occupancy certificate before 2008. If you’re a new homeowner, you’re out of luck. What’s more, experts also believe that many buyers are choosing to purchase apartments with parking areas for their resale value. An apartment with a car park opens up more selling options today. 

Some owner-occupiers are even looking for opportunities to rent secondary car parking facilities in their buildings, which is difficult in places like Southbank and the Docklands, where spaces are hard to come by. Some residents of locations like Brunswick and Carlton have even started parking in supermarket carparks just so that they don’t have to park on the street. 

Taking Advantage of Parking Spaces

Although the world is becoming a greener space, with more biking, walking and public transport options available, people still have cars that they rely on. In some parts of the inner city however, there are areas where car parks aren’t being fully used. In the past, this has led to congestion in on-street parking, and higher fees for parking too. 

Part of the reason why people across the country might have failed to take advantage of car parking opportunities before is that many parks have been difficult to access. Residents were reliant on governments and councils to free up the space.

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