Could a Car Park Rev Up Your Property’s Price?

Having a car park next to your apartment could add as much $200,000 in value to a one-bedroom apartment in Melbourne’s inner suburbs according to recent studies. Research has found that suburbs close to the CBD are the most likely to benefit from having a parking area nearby. However, it’s safe to say that any homeowner loves the idea of affordable and available pricing.

North Melbourne was the location that led the way for value-added parking solutions. One-bedroom apartments with a parking space in this area got an average price of $380,000 for 2019. Additionally, in Carlton, a car park added $185,000 to the price of a one-bedroom apartment. 

Driving Bigger Sales for Your Home

According to experts in the real-estate space, while people are happy to take advantage of public transport, cars are still one of the most popular ways to get around. Changes to planning rules that allow apartments to be built without parking means that the price of places with a parking space is going up all the time. People just don’t want to leave their cars on the street. 

Permits in North Melbourne for parking are currently only available for properties issued an occupancy certificate before 2008. If you’re a new homeowner, you’re out of luck. What’s more, experts also believe that many buyers are choosing to purchase apartments with parking areas for their resale value. An apartment with a car park opens up more selling options today. 

Some owner-occupiers are even looking for opportunities to rent secondary car parking facilities in their buildings, which is difficult in places like Southbank and the Docklands, where spaces are hard to come by. Some residents of locations like Brunswick and Carlton have even started parking in supermarket carparks just so that they don’t have to park on the street. 

Taking Advantage of Parking Spaces

Although the world is becoming a greener space, with more biking, walking and public transport options available, people still have cars that they rely on. In some parts of the inner city however, there are areas where car parks aren’t being fully used. In the past, this has led to congestion in on-street parking, and higher fees for parking too. 

Part of the reason why people across the country might have failed to take advantage of car parking opportunities before is that many parks have been difficult to access. Residents were reliant on governments and councils to free up the space.

Keep up to date

get updates on properties, news and more across Melbourne

More To Explore

Insider Tips

Pros and Cons of investing in apartments

So you want to invest in real estate? Congratulations. It’s a big step and an exciting one. Real Estate has made many Australians wealthy and you could be the next real estate millionaire. With this post, we wanted to briefly touch upon the relative benefits of investing in apartments whilst also being realistic and looking

Insider Tips

Pets & Apartments: 6 Tips to Make It Work

Pets are an important part of the family. They can become an incredibly fulfilling part of your life. But having a pet when living in an apartment presents its own set of challenges. With this article, I want to share with you 6 tips that can help make apartment living with Pets work.  Speak with


Simple ways of making your apartment feel larger

Living in apartments for any amount of time can get you feeling cooped up, hemmed in, and craving the outdoors. Humans and nature are inseparable, no matter how much we’ve evolved. The earth, sky, sunshine, greenery, and air calm and refresh us. One of the most straightforward solutions if you can’t go out to nature

Insider Tips

5 Key Benefits of Apartments Over Other Types of Living

Photo by Bench Accounting on Unsplash Apartment living has become popular with people the world over. With space in cities becoming ever scarcer, the popularity of apartment living is not expected to dwindle any time soon. Australia’s apartment scene has exploded over the past few decades. The 2016 census report on apartment living notes that apartment occupancy surged

Looking for a property?

Search across Melbourne with Buy Melbourne Apartments

Sign in to see your favourite properties

Save your favourite properties and access them anytime. Your shortlisted properties will appear on this page.