IP in Sydney inner city suburb... but with no car space?

Hi,

I'm about to buy an IP in Erskineville, NSW, but I'm being hampered by the fact that it doesn't have a car space.

I need to investigate whether we might be able to buy a car space in the building. That would be great but might not eventuate.

In case it doesn't happen, what do people think of IPs without car spaces? Normally I'd be ok with buying them (due to street parking) except that Erskineville has VERY little street parking, which means the tenants life will be a pain if they have a car.

Cheers :)
 
...what do people think of IPs without car spaces? Normally I'd be ok with buying them (due to street parking) except that Erskineville has VERY little street parking, which means the tenants life will be a pain if they have a car.

IMO, it is a very bad idea to buy an IP - be it unit or house, in the Inner West, without a car space (off-street) as a minimum. Lots of purchasers have a car space on their "must-have" list. (same with tenants)
 
True, but that principle excludes just about every house in Newtown... 90% of them don't have off street parking!

I used to live in Newtown and it was a bit of a pain looking for parking all the time (when the terrace I lived in didn't have off street parking).

OK, I think I'll move on then. I was wondering why the erskineville apartment was so cheap... I guess the lack of parking devalues it significantly.
 
True, but that principle excludes just about every house in Newtown... 90% of them don't have off street parking!
So look for the 10% :p

I was wondering why the erskineville apartment was so cheap... I guess the lack of parking devalues it significantly.
Yep, or more accurately, having a car space is something people are prepared to pay a reasonable premium for.
 
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As a born and bred Queenslander where property without off-street car parking is just about unheard of (although there is now an unhealthy trend towards building blocks of "student accommodation" units without carparks), it never ceases to amaze me that Sydney property can sell in the millions without any car parking provisions.

Then again, Sydney seems to accept this as quite OK.
Marg
 
I have a mate that lives in Newtown. Currently renting actually, the place has it's own driveway on the side. How people live in there baffles me, I wouldn't be able to stand having to search and search for a car park every day.

Then again, being in newtown. Alot of people probably catch public transport or ride a bike or vespa!
 
car spaces in the city and close suburbs sell for $50,000. Deduct that from the price of one without one.

I've seen people buy units with a car space and sell the space or rent it separately. Will the unit with a car space rent for $60 a week more to cover the extra cost?
Do the figures. I have a 1 bedder in Potts Point. No space but in that location people walk to work. The tenant may be able to apply for a parking permit (depending on when the building was strata'd) sp?.
 
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