How important is the provision of parking? Q & A Date: 16/12/2006 Publication: Sydney Morning Herald
How important is the provision of parking?
D'Leanne Lewis, principal, Laing+Simmons, Double Bay "Everyone has a different idea of what they need from a property. For some, it is outdoor space; for others, it is parking. It definitely adds a difference to a property, just like a balcony, a great aspect, wonderful views or a particular style of building or unit.
"With less parking available, a car space will always add value to your apartment. Just how much it adds to the price will depend on where it is. For example, if you have an apartment in Elizabeth Bay, Potts Point or anywhere along New South Head Road in the eastern suburbs, it's difficult to find parking on the street and off-street parking or a lock-up garage is like gold. If it's in Elizabeth Bay, parking could add between $30,000 and $80,000 to the property's value. I sold a car space several years ago at the Finger Wharf development in Woolloomooloo for $120,000. In other areas where parking is less of a premium, it might add $20,000.
"Undercover security parking can also make people feel much more secure. They can go direct from their car space straight up to their apartment without having to go outside."
Peter Cerexhe, author of Smarter Property Improvement (Allen & Unwin, $29.95) "A car space should be regarded as an essential in a major city for convenience, security and ongoing capital growth.
"Anyone who has lived in an apartment building without having their own car space will know how difficult life can become. Sometimes, you can spend ages looking for a park. You have no idea how much stuff you have to bring to and from your apartment. If you have got to park on the street after doing your shopping, you are almost adding a second trip to every trip you take. That soon becomes wearing. In bad weather, it's worse. If you are looking at a property on a sunny day, you may think you can live with this. But when the weather turns bad, it won't take you long to realise the value of that car space.
"Over time, parking permits may become more difficult to get from councils.
"If you have a valuable car, security is a big issue, not just from vandals on the street, but also from natural elements. Sunshine, rain, water penetration, hail damage, sap from trees and bat droppings can all lead to a gradual deterioration in the value of your asset."
First Home returns on January 27 - our Q&A subject will be: How do you keep renovation costs down?