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Stunning price for a car park in Sydney CBD

The ONE property listing that tells you everything you need to know about the Australian property market: Parking lots are selling at amazing prices

  • A CBD parking space on Bond Street in Sydney costs as much as an entire apartment
  • Underground double parking near Wynyard listed for sale for $525,000
  • Same price as a two bedroom unit in Toongabbie on the west side of town
  • Comes as commuters shy away from public transport and buy cars to avoid Covid-19

A carport in one of Australia’s largest cities has been put up for sale for the same price as an entire two bedroom apartment in the suburbs.

The double car park near Wynyard train station in Sydney’s CBD is on the market for $525,000 – up from $330,000 in 2015.

The underground space, which can park two cars back-to-back, is priced the same as a two-bedroom unit in Toongabbie, on the west side of town.

The seller of the car park told Daily Mail Australia the price was fair considering how much he had sold for other car parks in the complex in recent months.

This double lot on Bond Street near Wynyard in Sydney’s CBD is selling for $525,000 – the same price as a one bedroom apartment in the city’s north west

“With this particular building, I’ve seen individual rooms sell for the high $100,000 and the low $200,000,” he said.

“This one also has an open layer that isn’t connected to the building, so it doesn’t have to be sold with an apartment.

“In the CBD there is currently a lot of demand for people who cannot find space in their own building.”

The seller, who asked not to be named, said he wasn’t interested in a lower price because it wouldn’t yield a great return at such low rates.

The spot was staged as commuters are increasingly turning their backs on public transport and buying cars to avoid exposure to Covid.

Individual parking lots in downtown Woolloomooloo and Darlinghurst have sold for as much as $305,000 in recent months, a report said.

The underground space costs the same as a two-bedroom apartment in this unit building in Toongabbie, in the north-west of the city

The underground space costs the same as a two-bedroom apartment in this unit building in Toongabbie, in the north-west of the city

The double parking lot is pictured.  The seller told Daily Mail Australia the price was fair considering how much he had sold for other rooms in the complex in recent months

The double parking lot is pictured. The seller told Daily Mail Australia the price was fair considering how much he had sold for other rooms in the complex in recent months

Parkhound CEO Mike Rosenbaum said demand for parking spaces was 240 percent higher in January than in December.

“People are nervous about taking public transport because of the outbreak. More and more people are driving,” he told the Daily Telegraph.

“In the past, many people who lived on the outskirts didn’t drive. They would walk or take an Uber. That has changed, now they want to drive.”

Real estate agent Silvia Vitale said the value of Potts Point parking lots has increased about 25 percent since 2020, from $225,000 to $280,000.

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