Six secure parking spaces at 2 Phillip Street, close to the Sydney Opera House and Harbour Bridge, have sold for a combined $3.65 million, which works out to $608,000 for each.
The figure beat pre-auction expectations and is almost double the $304,700 paid for a parking space in Notts Avenue, Bondi, believed to be the previous record.
“Being one of the most undersupplied and tightly held asset classes in the Sydney CBD, we knew competition was going to very high,” selling agent James Cowan of Colliers told Real Commercial.
Mr Cowan said the 85-square-metre lot, located at the 20-storey The Quay building, saw 92 inquiries and 16 inspections. The spaces were offered with vacant possession.
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“Strong bidding saw the reserve reached by the fourth bid, with more than 30 bids received,” Mr Cowan said.
The previous record-setting parking space price in Australia, understood to have been sold in January 2024, was a single car space at 2-4 Notts Street, metres from Bondi Icebergs off Campbell Parade along the iconic beach strip.
“We are increasingly seeing people [investing in parking spaces] for the lifestyle benefit,” Alice Stolz, the Property Editor of Domain, told Bondi Beach News.
“Some people in areas like Bondi, for example, might think it’s just worth it getting a park spot near Bondi Beach so they can head down after work and jump in the ocean.”
