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Australia’s Most Shockingly Expensive Car Parking Spaces and What to Fill them With

Posted on: August 31, 2015 by renegade

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Parking your car is one of the more mundane and frustrating aspects of everyday life. According the UK Telegraph, a typical motorist can waste 106 days of their life looking for parking spaces. When you are running late or have a lot to carry, a good parking space seems like it is worth its weight in gold.

But this seems to become more literal by the month. During the last week, there has been a spate of news stories on the extraordinarily high prices of some of our nation’s car parking spaces. It seems like Australia’s red hot property market and soaring prices aren’t only affecting housing and office blocks, but the car spaces around them.

The issue was brought into the public eye when a 12 square-metre parking space in Sydney was sold for $120,000 – $70,000 over the reserve. That’s $10,000 dollars a square meter for a piece of open-air concrete twice the size of an average bathroom, with some cracked yellow paint around it. The auctioneer reportedly told bidders that “your car will have a fabulous view”.

Business Insider reported that a 26 square-metre parking space in the Chimes Building in Potts Point set a record at auction when it was sold for a staggering $264,000 at auction – making it the most expensive open-air parking space in Australia ever.

This is clearly a serious issue – local residents are being priced out of their own parking spaces and are being stuck parking far away from where they live.

But we understand this issue is also quite a boring one – parking is tedious at the best of times. To make the story a bit more fun, we’ve compiled a list of the 5 most expensive car parking spaces in Australia right now, and given you a few ideas of what you could fill the parking spaces with.

Everything listed will fit in the parking space (although it might be a bit of a squeeze), and has a cumulative cost roughly equivalent to that of the parking space on its own. Check out what we have come up with:

  1. Chimes Building in Potts Point – $264,000

    Chimes Building in Potts Point

    Source: R&W property listing.

    It doesn’t look like much, but that’s $264,000 worth of prime parking real estate right there. As you can see about $5,000 dollars of it is taken up by a pillar, preventing you from parking anything too large in there.

    Which is a shame, because for around the same price as the parking space you could buy this armoured truck capable of withstanding direct rocket attacks. Unfortunately, with that pillar there you probably won’t be able to fit your new truck into the space, but I’m sure if you got up enough speed you could make short work of it.

    If you feel it’s unlikely that you’ll quite so much bullet proofing in your everyday life, and fancy something that could get up to top speed before you leave the car park – how about this one-of-a-kind Lamborghini Murcielago? This car has a top speed that’s almost 340km/h faster than that of the parking space and comes in a much more attractive selection of colours.

    You’ll even have enough money left over to buy a few pounds of white truffles to snack on while you sit outside the space admiring what a “fabulous view” your car has.

  2. 54 Pirrama Road, Pyrmont – $190,00

    54 Pirrama Road, Pyrmont

    Source: Domain property listing

    This 15 square-metre parking space is right on Darling Harbour. The parking space is coupled with a $390,000 berth so you can keep your car and your boat next to one and other so they don’t get lonely.

    As the ad points out, the spaces cost as much as a “1 bedroom unit in the city”, but without the air conditioning or adequate toilet facilities.

    For the same amount of money as the parking space alone, you could buy this entire petting zoo along with all its animals, set up a little fence around the parking space and if you charged visitors $10 a visit you’d make your money back in around 15 years.

    Maybe running a petting zoo on your parking space seems like too much stress. If you fancied a nice relaxing dip, you could turn your parking space into a swimming pool for less than $50,000. And if you are like me and don’t want anyone taking a dip while you are away, you could use the remaining $140,000 to buy 10 hammerhead sharks to patrol the pool for you.

  3. 83/106 Elizabeth Bay Road, Elizabeth Bay – $158,000

    83/106 Elizabeth Bay Road, Elizabeth Bay

    Source: Domain property listing

    This 13.2 square-meter harbour-side parking space in Sydney’s Elizabeth Bay may not look like much, but that’s only because it really isn’t. If I was going to spend that much money on a parking space, I’d at least want a nice sign or some special paint. At least it is a good $10,000 bigger than your neighbour’s parking space so you could have a good gloat every morning.

    If you wanted to get the most bang for your buck, for the same price as the parking spot you could buy 4 Toyota Hilux. Don’t think you could fit them all in your parking space? That’s alright – you have enough money left over to buy this $80,000 crane you could use to stack them all on top of each other.

  4. 29 Carabella Street, Kirribilli – $120,000

    29 Carabella Street, Kirribilli

    Source: Domain property listing

    This parking space looks like the tarmac is considerably less well maintained than the others above, but hey, that’s what you get for being a cheapskate and only paying $120,000 for your space.

    The advert states that this spot is a “solid investment for a long term growth proposition”, suggesting the price will only go up & up. The ad also states that the car space is “not undercover or secure”, but that’s okay. For the price of your space, you could hire round the clock armed bodyguards for about half a year to keep an eye out and make sure no one sharks your spot.

    But not everyone is quite so safety conscious. If you are more of a reckless party animal you could hire Snoop Dog to come down and perform an intimate set for you and your buddies, and still have spare change for gin and juice.

  5. 2332/181 Exhibition Street, Melbourne – $57,500

    2332/181 Exhibition Street, Melbourne

    Source: Domain property listing

    This is the cheapest parking space on our list, probably due to the fact that it is in Melbourne rather than Sydney. The advert describes the space as a “shrewd financial investment opportunity”, citing that you could rent out the space to tenants with a “potential rental of $400 p.c.m”. At that rate, you could easily make your money back in a measly 5 years.

    Can’t wait that long to make your money back? Well for around $55,000 you can buy your own custom-built food truck and start selling hot dogs to your fellow parkers.

    If you don’t fancy selling hot dogs you could always buy this $30,000 Kalamazoo BBQ Grill and rear a couple of your very own Kobe beef cows on the little bit of space you have left. As you can sell Kobe beef for around $150 dollars a steak, you’ll make your money back in no time at all.

For more content like this, and for highly competitive rates on your car finance, please check out Platinum Direct Finance for the best deals around.

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