A single car space near Bondi Icebergs hit the market with a $1 million asking price in September 2024, just months after a similar space in the same complex sold at auction for $304,700.
A car space at 2-4 Notts Avenue, Bondi Beach, a short walk from the Bondi Icebergs club, was listed for sale in September 2024 with an asking price of $1 million, Yahoo Finance Australia reported. The listing promoted the space as having the closest parking to the beach and Icebergs.
The price stood out because a comparable space in the same complex went under the hammer in January 2024 and sold for $304,700. Quarterly levies on the newly listed space were reported at $226.88.
Raine and Horne agent Ric Serrao defended the figure, telling the outlet that what is worth a million dollars today "is going to be $2 million" in five years. He also pointed to a nearby apartment that sold for $3.75 million in March 2024, during whose campaign the agency received a $1 million offer for the garage alone, and said a garage like that could rent for $250 to $300 a week.
Another eastern suburbs agent, Ben Collier of The Agency, argued that each parking space adds at least 10 to 12 per cent to a property's overall value.
For buyers and owners, the story shows how scarce beachside parking can command strong prices and rents, but it also shows the value of checking recent sales in the same building before paying a premium asking price.
Photo: Ank Kumar / Wikimedia Commons, CC BY-SA 4.0. The Bondi Icebergs club at the southern end of Bondi Beach, Sydney.