- Sydney is the third most unaffordable city for housing
- Expensive assets go beyond house and rental prices
- A car space at Potts Point was sold for $225,000
Sydney has been the most unaffordable city in Australia for housing for some time.
Sydney house asking prices breached the $1.4 million mark in March 2021, an all-time high according to SQM Research.
In fact, Sydney is not just home to the most unaffordable housing in Australia, but is close to the top globally. According to the 2021 Demographia International Housing Affordability report, Sydney ranks third behind Hong Kong and Vancouver.
It’s not just house prices that have risen rapidly these past few months for the Harbour city. Rental vacancy rates have tightened as well, with ten suburbs recording a remarkable zero available rentals on the market, pushing up rental prices.
If you think Sydney property couldn’t get more unaffordable, then consider the lot of the plain old car parking space.
As first reported on news.com.au, a simple Sydney car space sold for an eye-watering amount.
Just to let you know that someone paid $225,000 for a parking spot. pic.twitter.com/EwTrJvfykW
— Byron Kaye (@byronkaye) June 13, 2021
Originally advertised on realestate.com.au, listing agency Laing+Simmons sold a single car spot located on Macleay Street, Potts Point for an astounding $225,000.
The advertisement broke down the fees, which include a Strata levy of $209.60 per quarter and a Council Rate of $188.90 per quarter.
Although some of you may think this is an outlier, it’s actually quite common according to real estate agent, Silvia Vitale.
Speaking to reporters from news.com.au, Ms Vitale said that Potts Point would “probably be the most premium priced car spaces. This is mainly because a lot of the Art Deco apartments don’t have car spaces… and it’s the most densely populated suburb in Australia.”
And just when you thought car park prices couldn’t get any more ridiculous, one in Hong Kong reportedly sold for over $1.7 million a few weeks ago.