Unlocking Value: Garages and Car Spaces in Sydney’s Eastern Suburbs

In Sydney’s Eastern Suburbs, the scarcity of parking has significantly increased the value of garages and car spaces, making them a crucial consideration for buyers and investors. With growing urban density and limited availability, parking is more than just a convenience—it’s a high-value asset.

High-Value Sales & Impact on Property Values

Recent sales highlight the premium on parking. In 2023, car spaces in Potts Point sold for up to $315,000, while in Bondi, single spaces ranged from $100,000 to $200,000 depending on security features. In Paddington and Darlinghurst, off-street parking significantly enhances property values. The difference between a house with one garage and a similar home with four garages can be as much as $600,000 to $700,000, emphasizing the high demand

Changing Buyer Preferences

While parking remains a key factor, shifting buyer demographics influence demand:

• Downsizers still prefer parking but are increasingly open to alternatives like ride-sharing.

• Younger buyers prioritize public transport and cycling, making parking less essential.

• Developers are responding by offering new apartments without car spaces at lower prices to improve affordability

Investment Considerations

For investors, parking spaces offer strong returns through increased property value and rental income. In high-demand areas, secure car spaces can rent for $50 to $200 per week, making them a lucrative addition to any portfolio.

Finding the Right Property

If you’re looking to buy in Sydney’s Eastern Suburbs, factoring in parking availability is essential. Whether securing a home for yourself or an investment property, a garage or car space can add substantial value and long-term convenience. Working with MCA Buyer's Agency can help you identify properties that meet your needs and navigate the competitive market effectively.