real estate Archives - Bondi Beach News

Agent Defends $1 Million Price Tag of Bondi Beach Parking Spot

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.

**Ric Serrao, Selling Principal and Licensee in Charge at Raine & Horne – Double Bay**
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

The Most Expensive Car Parking Space Sold in Australia is At Bondi Beach

Photo Credit: AALPHA GROUP

The crown jewel of Sydney’s unexpected car park market is a single space on Notts Avenue, Bondi Beach. This sold for an astounding $304,700 on January 31, 2024. The sale makes it to the list of Australia’s most expensive car parking spaces and highlights the premium placed on convenience in the bustling beachside locale.

The scarcity of parking in Bondi Beach is a significant factor. As the suburb has grown in popularity among both residents and visitors, available parking has become increasingly rare. This scarcity, coupled with strict council regulations on new developments, has created a perfect storm for car park investors.

“We are increasingly seeing people [investing in parking spaces] for the lifestyle benefit,” Stolz adds. “Some people in areas like Bondi, for example, might think it’s just worth it getting a park spot near Bondi Beach so they can head down after work and jump in the ocean.”

Investors are also attracted to the relatively low maintenance nature of car park ownership. Unlike traditional property investments, parking spaces require minimal upkeep while still offering the potential for steady rental income or capital appreciation.

The Notts Avenue sale isn’t an isolated incident. Another car park in nearby Bondi Junction on Spring Street sold for $120,000 in March 2021, further cementing the area’s reputation as a hotspot for parking investments.

However, potential investors should note that while these high-profile sales grab headlines, they represent the extreme end of the market. Not all car parks in the area will command such premium prices, and due diligence is crucial when considering such investments.

Published 1-July-2024

Socceroo James Holland’s Bondi Beach Treasure Up For Grabs

Photo Credit: realestate.com.au

One-time Socceroo James Holland has listed his Bondi Beach investment property with hopes of scoring $1.2 million at its June 30 auction.

The 35-year-old Holland, who currently plays for Austria Wien in the Austrian Football Bundesliga, purchased the two-bedroom beach pad at 1/236 Campbell Parade in 2018 for $950,000. Records show the 1920s apartment was most recently rented for $825 per week.

Originally from Newcastle, Holland debuted for the Australian national team in 2008 and was part of the Socceroos squad at the 2014 World Cup. He has also played for the Central Coast Mariners, Newcastle Jets, and clubs in the Netherlands and Germany during his professional career.

**James Holland**
Photo Credit: Wikimedia Commons

The listing agent is Dion Markovics, who recently joined the Ray White Double Bay team. Markovics describes the 68-square-meter period property, which sits opposite Bondi Beach, as a “wonderful character apartment” with potential to add value. The boutique building of 12 apartments features a rooftop terrace with sweeping ocean views.

**The boutique building of 12 apartments features a rooftop terrace with sweeping ocean views.**
Photo Credit: realestate.com.au

Markovics himself made headlines a decade ago as a 20-year-old agent who sold $28 million worth of real estate in his first three years. He says joining Ray White marks “a new chapter” after previously winning a top national sales award with his former agency.

“I’m excited to be working with an international brand and look forward to working with the successful team at Ray White Double Bay,” said Markovics, who has also just listed a $4.5 million semiin North Bondi.

Ray White Double Bay principal Warren Ginsberg welcomed the high-performing agent, saying: “We’re thrilled and excited to have Dion join us. He’s such a successful agent who is really at the top of his game. We look forward to kicking goals with him in the future.”

Published 28-May-2024