Revealed: The shocking value of a parking space in Sydney suburbs

What was once a standard household feature has become a six-figure luxury, as new research reveals parking spaces could be adding close to $156,000 to property prices in some Sydney suburbs.

According to Australia-wide research from Luxo Living, NSW dominates the country in terms of top-priced parking hotspots with Newtown, Coogee, and Collaroy leading the way.

Luxo Living analysed the average prices of property listings sold within the last 24 months across Australia’s most populous suburbs.

To determine the value of a dedicated residential parking space including street parking, garage, and driveways for each suburb, they used a paired sales approach, matching properties by suburb, size, and similar qualities, with the only difference being the addition of one dedicated parking spot

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Source: Luxo Living

Luxo Living then calculated the average price difference of properties with parking to the price of properties without

Topping the list was Newtown in Sydney’s Inner West with parking adding a staggering $155, 868 to the average property value.

It was revealed this could be indicative of the area being home to many young families where having the extra space becomes a necessity for daily life.

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Source: Luxo Living

Collaroy on Sydney’s Northern Beaches came in a close second with a parking space driving value by $155,858 – with the beachside location oftentimes meaning locals and tourists contend for a spot.

Known for being densely populated, Coogee in Sydney’s east came in third with the parking value driving price by $154, 941.

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Newtown topped the list with a private parking space adding up to $155,868. Picture: Peter Ristevski

“As suburban areas become denser, dedicated parking is no longer just convenient, it’s a scarce luxury driving up prices in an already competitive market,” Luxo Living founder and CEO Winston Tu said.

“The findings reflect that what was once considered a standard feature of a home is now being treated as an additional upgrade, driving up the price of property in an already competitive market.”

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Luxo Living founder and CEO Winston Tu.

Mr Tu said the data highlights that in some coastal suburbs such as Collaroy and Coogee where parking is limited due to tourists and recreational activities having a dedicated parking space has become a luxury that only those who can afford to pay the extra cost can secure.

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