Car spots are selling at ridiculous prices in Sydney. Picture: realestate.com.auSource:Supplied
In what is the least surprising news when it comes to Sydney’s real estate market, someone has paid an enormous amount of money for not a great deal.
The different with this eye-watering sale though is that the buyer didn’t get a bedroom, bathroom or any kind of view for the purchase.
Just a car space. Although, as the realtor explained, that’s a sought-after asset in this part of town.
Advertised on realestate.com.au
, listing agency Laing + Simmons described the ‘Car Space in the heart of Potts Point’ as a huge opportunity.
“An opportunity exists to purchase an easy access, undercover, secure car space, positioned on the entry level within Macleay Apartments; giving its owner additionally, the use of the outdoor swimming pool.
“Macleay Apartments sits in the heart of cosmopolitan Potts Point, adjacent to Woolworths, in one of Sydney’s most desirable precincts and walking distance to the CBD.”
This Potts Point car spot sold for an insane price. Picture: realestate.com.auSource:Supplied
The ad also broke down the fees, which include a ‘Strata Levy: $209.60 per quarter’ and ‘Council Rates: $188.90 per quarter’.
It didn’t take long for a new owner for the little slice of concrete to be found, and they paid a pretty penny for the car spot – a staggering $225,000.
Real Estate agent Silvia Vitale
who sold the spot told news.com.au that it is a very common sale, especially in Potts Point.
“We work the Potts Point area, and in Potts Point would probably be the most premium priced car spaces. This is mainly because a lot of the Art Deco apartments don’t have car spaces … and it’s the most densely populated suburb in Australia.
“So, with lots of buildings without car spaces and not much parking on the street available, people are prepared to pay a high price for a car space in a nearby building.
“They range from about $90,000 through to $260,000 depending on size, location, ease of getting in and out.”
As for this particular spot sold for $225,000 Silvia explains it was for a man who had bought an apartment across the road, and had no where to park.
Most residents are willing to fork out the cash for a parking spot on top of their own real estate in the area.
“They do have to pay a small amount of strata levy’s and council rates.”
The sales are more common than you think, with Silvia explaining she deals with them quite regularly.
“I just sold one for $88,000 in Ward Avenue Potts Point, I’ve got another one that’s coming on the market this week at $110,000, and last year I sold one during the pandemic for $230,000.
“ That’s Macleay Street, it calls for a lot of money for car spaces.”
When the listing was shared on social media, people were shocked but not entirely surprised given the heat in the property market.
having lived in Potts Point without a car space I can sadly see the value
— Ess Scott 😷🖤✳ (@cathieshooter) June 13, 2021
… and then there's me, who gets annoyed having to put a few coins in a parking metre.
— Kent W (@Kentessential) June 13, 2021
From what I hear about expensive parking in Sydney, that could be cheap in the long term
— Richard Edwards (@richardmelb05) June 13, 2021