Parking Spaces Add Value
Properties with a dedicated parking space are achieving top dollar, according to an analysis of how much value parking adds to a home.
According to the Luxo Living analysis, properties in high-traffic suburbs close to capital cities or tourist hotspots with dedicated parking can attract a massive premium.
It analysed property sales in the same location and with similar features, except some had dedicated parking spaces and others did not.
Of the top ten locations where private parking is most coveted, it equated to a difference of between $149,000 and $156,000 in the sale price.
New South Wales has five suburbs in the top ten list of locations where buyers are prepared to pay more to secure a property with a dedicated parking spot.
Newtown, in Sydney’s inner west, topped the list, with the analysis showing it could add up to $156,000 to the price tag.
Luxo Living CEO Winston Tu says parking was once considered a standard feature of a home, but in some locations where land is at a premium, it is now being treated as an upgrade.
“Having a dedicated parking space has moved beyond a convenience and has become a luxury that only those who can afford to pay the extra cost can secure,” he says.
