In a bold prediction, real estate agent Ric Serrao defends the eye-watering $1 million price tag attached to a single parking spot at Bondi Beach, claiming its value will double within five years.
Photo Credit: Instagram / @ric_serrao
The parking space, located in the secure garage of the exclusive 2-4 Notts Avenue address, has garnered significant attention since its listing. Serrao, from Raine and Horne, justified the hefty asking price stating, “What’s a million dollars today, in five years, is going to be $2 million.”
This justification comes as the price for this parking spot stands at more than three times the amount a similar space in the same complex sold for earlier this year. In January, a comparable parking spot was auctioned off for $304,700.
Serrao emphasized the high demand for parking in proximity to Bondi Beach, one of Sydney’s most popular coastal destinations. He recounted a recent sale where a $1 million offer was made solely for a garage attached to a $3.75 million apartment, underlining the premium placed on convenient parking in the area.
“You’d be amazed how common and how much in demand parking close to the beach is and what someone’s prepared to pay,” Serrao explained.
The agent also highlighted the potential for these parking spaces to serve as long-term investments. According to Serrao, a well-located garage in the area could generate rental income of between $250 to $300 per week.
Published 25-September-2024
