Bondi Beach Car Parks Fetching Astronomical Prices, No House Required

Bondi Beach is no stranger to high property prices, but the latest trend sees even humble car parks fetching hundreds of thousands of dollars. 



Photo Credit: Google Maps

Forget sprawling mansions and harbour views; in this exclusive postcode, a simple patch of bitumen with a set of white lines is enough to send buyers into a frenzy.

Leading local agent Ric Serrao, known for his expertise in the Double Bay area, is currently listing three car parks—two garages and one open space—in Bondi Beach and North Bondi. A garage on Warners Avenue is expected to fetch around $300,000, while a single-car space on Curlewis Street could fetch $150,000. Unexpectedly, a garage in Ben Buckler, capable of accommodating three to four vehicles, is available for rent at $1000 per week.

This phenomenon isn’t entirely new. Earlier this year, Serrao was involved in selling an apartment in Bondi Beach. Potential buyers were so desperate for parking that they made separate offers for the garage. One hopeful buyer even offered a cool $1 million for the garage alone, demonstrating just how scarce parking is in the area.

Photo Credit: Google Maps

Serrao acknowledges this and recognises the distinct characteristics of this market segment. He noted that while the overall market is mixed, the top end remains strong, driven by more than just a need for parking. 

Families living near the beach, particularly those who may have downsized or purchased an apartment with limited parking, are driving this demand.  The COVID-19 pandemic further fuelled the desirability of beachside living, with amenities becoming a key factor for buyers.

Serrao highlighted the challenges faced by vendors when considering selling a garage separately.  While it might seem lucrative, removing a parking space could devalue the main property or make it harder to sell. In the case of the apartment with the $1 million garage offer, the owners ultimately decided to sell the property as a whole, achieving a final price of $3.75 million.



This trend underscores the extreme demand for property in Sydney’s sought-after beachside suburbs, where even the most basic amenity can command a premium price.

Published Date 07-October-2024