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Melbourne CBD car spaces now some of city's hottest real estate

SINGLE car spaces in inner Melbourne are selling for up to $98,000, putting them among the city's priciest real estate.

Parking spaces are capable of fetching more than $8500 a square metre, the Real Estate Institute of Victoria says.

The median price of real estate in blue-chip neighbourhoods such as Malvern, Kew and Middle Park is $4586 per square metre, the REIV says.

The car parking space that brought the biggest price in Melbourne recently was one in Flinders St, which fetched $98,000 last year.

Apartment buyers are forking out hefty premiums for city un...

Just the Ticket for Investors

The sale of more than 300 Sydney carpark spaces in a weekend is a timely reminder of the growing attractiveness of car parking as a property investment, with parking availability under pressure from increasing car numbers.

The spaces in the Mascot car park near the airport sold to local and overseas investors, with some buying several double spaces at $104,500.

In Melbourne agents say car parking buildings are an increasingly lucrative sector of the market, while individual car spaces, unlikely to reap enormous capital growth, provide a consistent, low maintenance income str...

Parking space in Sydney CBD up for sale for same price as a two-bedroom villa near Penrith
Transport $89 fine for non-commuters

Motorists who park in railway station car parks but do not catch a train may face fines next year.

Authorised transport officers will begin patrolling station car parks in the new year and check myki cards to ensure the drivers are genuine commuters.

The punitive approach to tackling Melbourne’s chronic shortage of station car parking will be trialled at six stations, before potentially being introduced more widely. Offenders will be fined $89.

Public Transport Minister Terry Mulder said free parking spaces for commuters were being unfairly poached.


Record $210,000 car space at Elizabeth Bay auction

A residential inner city Elizabeth Bay car space fetched a record $210,000 at auction last night.

It was sold at Laing Real Estate auction, reflecting 13% annual price growth over the past 37 years.

The buyer is understood to own an apartment close to the Elizabeth Bay Gardens complex, and presumably doesn't have off street parking.

It is not a Sydney record, as Property Observer recalls a 16 square metre single car parking space at North Bondi sold for $240,000 in 2010.

The Elizabeth Bay car space looks like a lockup garage, but it shares a common, somewhat ...

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