Value of secure carspot?

Hi all,

I recently put an an offer in a new 2 bed, 1 bath apartment in Highett, Melb. The apartment comes with 1 car space in an underground carpark (stacker system). The developer rejected my reduced price but counter-offered by offered to add a second parking spot.

I was wondering if anyone had any thoughts on the value of an additional secure underground carpark and can I command much more for rental prices?

Additionally - any comments/issues on stackers? I've never seen one before - are they reliable?
 
Not much in Highett, it's too far from the CBD.

Actually, can you check with properties in the building are selling for with 1 car spot and 2? lots of new developments going up in Highett, that might give you a better view.
 
Not much in Highett, it's too far from the CBD.

I agree I won't be able to rent it out just as parking but it must some add value to the property.

2 bed, 2 park must be worth more than 2 bed 1 park - it will differentiate the property from others and many couples have a car each but any guess on how many??
 
Hmm i'd definitely value it and be happy to pay something for it. How much is debateable.

I'm not familiar with the area, but if people share, it could be great value.

I know me and my flatmate had a difficult time looking for 2 bed 2 garage apartments in the ACT. We'd have been happy to pay an extra 20-40 p/w for the parking.
 
You could rent it to your neighbours

Forgive my ignorance. What is a stacker system? Is it like the one they use in Japan?
 
Thanks for the replies

Imbi3 - this is the 1st time I've seen a stacker, system that better utilises space but no idea on reliability or maintenance costs
 
I don't like the look of that stacker at all, just imaging all the breakdowns, cost of servicing and maintenance. The electric gates at my IP complex regularly break and cost a small fortune to fix. Imagine that thing not working and your tenants car is trapped in it for days. How many people would be skilled to fix that sort of equipment.
Then again, could be reliable and trouble free.
Cheers, Nat
 
Hi all,

I recently put an an offer in a new 2 bed, 1 bath apartment in Highett, Melb. The apartment comes with 1 car space in an underground carpark (stacker system). The developer rejected my reduced price but counter-offered by offered to add a second parking spot.

I was wondering if anyone had any thoughts on the value of an additional secure underground carpark and can I command much more for rental prices?

Additionally - any comments/issues on stackers? I've never seen one before - are they reliable?

An extra car park would add some value to the property (and maybe a tenant would be prepared to pay an extra $5/wk if street parking is an issue - or at least it would mean that your property would be considered by tenants with 2 cars) but I would avoid buying in a complex with car stackers due to the likely maintenance costs.
 
No idea about stackers! Looks pretty neat though. Prefer that to the long car parks where one of your cars may be stuck behind the other.

Are maintenance costs covered by strata? :)
 
The other issue with stacker car spots is they don't fit all cars. There is weight and height restrictions and with our love of SUV's this can be painful.
 
Back
Top