Value of a carpark in South Yarra/ Prahran

Hi, looking at buying an apartment in these areas, just trying to do research on some apartments. What do people think the value of a carpark (on title)?
If it's a street with limited parking would it be fair to suggest a apartment with a car space may be appro $50K more than an apartment with no carapace?
 
I think it would be worth more than 5K...
Any other opinions? I'm comparing this apartment to one sold earlier in the year and trying to get a gauge on how much more an apartment would be worth with a car space on title
 
A few car park spaces in my Docklands tower have changed hands over the years, around $40-50K I believe. They rent for $50 a week, so around 5% yield with minimal outgoings.
 
One way to check is OTP listings, it is usually possible to work out the premium for an apartment with a car park. This doesn't make it the price of a car park but it will give you a feel for it.

My research in Brisbane suggests a premium of $35-$50k (typically at the higher end) for the inner North where street parking is tight. When I bought in the South West though I discounted this to $10-$20k in recognition that there was much more street parking available for residents.

Having said this, it isn't all about raw numbers - you need to understand the demographic to determine whether it makes sense to drop the car park. If transport, shops, parks etc are within easy walking distance then it is less riskier, but bear in mind without a car park you are eliminating a large % of prospective tenants plus future owners.
 
Hi, looking at buying an apartment in these areas, just trying to do research on some apartments. What do people think the value of a carpark (on title)?
If it's a street with limited parking would it be fair to suggest a apartment with a car space may be appro $50K more than an apartment with no carapace?

Hi there - I would expect a carpark in Sth Yarra to be around the $35-45k mark (at least and will depend on the development) - this will depend on the building. Even if your apartment does not have a carpark the developer will generally have a few left for sale and you can include that in your negotiation. Most of the apartments on our Sth Yarra stocklist have an apartment and storage cage included.

I will highlight that cost per square metre in Sth Yarra is around $9500 which for me is overpriced and as I have said elsewhere there are better opportunities in surrounding suburbs.

Hope that helps

Cheers Ivan
 
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