We’ve all had that moment of frustration as you try to find a parking space that doesn’t cost an arm and a leg, complaining that parking fees cost more than your rent. Well now it seems parking in Sydney can cost more than your home!
A Sydney City parking space recently went on the market for $330,000. You could actually buy a 2 bedroom villa in Penrith for that price.
It raises the question of just which Australian city is the most expensive for car parking.
In spite of the high value of Sydney’s parking real estate, it’s Brisbane that tops the list as the most expensive Australian city for parking.
A report by the RACQ at the end of 2014 found Brisbane to be the most expensive for short term CBD parking at an average of $27.94 per hour, with Sydney not far behind at $26.72.
Compare this to Melbourne at $17.08 per hour, Adelaide at $4.17 and Perth $4.68.
But Brisbane and Sydney aren’t even that far behind on the global side of things. While London has long held the position as the most expensive city in the world for parking for some time now, Brisbane and Sydney have been moving around in the top five for the last few years now.
In fact, the only city in South East Asia with more expensive CBD parking rates is Hong Kong.
What does this mean for you?
If you’re regularly making the commute in to a capital city in Australia and can’t make it in for early bird parking you really need an edge. Small, maneuverable cars make finding a suitable parking space easier. You can squeeze in between larger cars that park obnoxiously close to each other, and even make the most of small car spots in parking lots.
If you’d like to upgrade or downsize your car to one that will help you to dodge high parking rates contact us at Aussie Car Loans. We can help you with car finance for your new vehicle, as well as insurance and extended warranties.