Single parking spot in Sydney CBD sells for insane price

Sydney drivers have rushed to get their hands on six CBD parking spots, and what the spaces sold for proves we have actually lost the plot.

Sydney, you’ve got to be kidding.

A range of parking spaces in the CBD have sold at auction for higher prices than what most Aussies pay for their homes.

The six humble parking spots in the CBD sold for a wallet smashing $608,000 per space – what’s understood to be a record price paid per space.

The $3.65 million sale for the parking near Circular Quay saw five highrolling bidders go head-to-head for the underground lot at 2 Phillip Street, just metres from the Opera House and Harbour Bridge.

For some perspective, a budget of about $600,000 would be enough to secure a fairly substantial apartment in most capital cities.

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Parking spaces were located near Circular Quay.

They sold for more than $600,000 per space. Picture: Colliers

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The 85-square-metre lot, part of the luxury Quay residential tower, drew 92 inquiries and 16 inspections.

Most inquiring buyers were reported to be cashed-up locals from affluent neighbouring homes like those in the Bennelong Apartments, Opera Quays, and One Circular Quay.

Selling agent James Cowan of Colliers said competition for the spaces was expected to be strong, but not anything close to the frenzy it became.

“Being one of the most undersupplied and tightly held asset classes in the Sydney CBD, we knew competition was going to very high,” he said.

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The parking spaces drew a lot of inquiries.

The whole sale totalled $3.65 million. Picture: Colliers

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“Strong bidding saw the reserve reached by the fourth bid, with more than 30 bids received.”

The spaces, offered with vacant possession, are securely tucked beneath the 29-storey The Quay building.

They boast direct access to Circular Quay’s ferry, train, and light rail network — a location one agent called “the holy grail of parking.

It’s understood the priciest individual car space ever sold in Sydney prior to last week changed hands for about $350,000.

Originally published as Single parking spot in Sydney CBD sells for insane price