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Would you pay $495k just to have somewhere to park your car?


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HOW much would you pay for a permanent parking space right in the middle of Sydney’s CBD?

$70,00? $150,000? $300,000?

Well there is one seller is apparently offering a parking spot so exclusive that only people with a cool half a million dollars to spare can afford it.

The spot, advertised as a “premium secure car space in the heart of the Sydney CBD”, is located just minutes from the Harbour Bridge, King Street Wharf and train stations and for just $495,000 it could be all yours.

The space is being advertised as a must have for business professionals, Nine News reported.

“Rarely does an opportunity present itself to purchase a premium secure car park space in the heart of the Sydney CBD,” the advertisement reads.

“This car space represents an astute investment or the ultimate in convenience for the CBD-based professional.”

Research conducted by finder.com.au found that Sydney is the most expensive capital city to buy and rent a parking space.

On average, parking spots in Sydney cost $385 a month last year, with George Street being the most sought after spot nationwide.

Buying a parking space will set you back on average $73,000 but its not uncommon to see spots in Sydney sold for $125,000.

In 2016 a two car space on Bond Street in Sydney was listed for $400,000.

Melbourne motorists could pay as much as $60,000 for their own spot or $371 a month.

In Brisbane you’re looking at $45,000 and $42,200 in Adelaide.

Renting in Perth or Canberra will cost $462 and $306 a month, while Hobart is the cheapest at $205.

According to the research, prices are increasing due to the growing number of workers in major cities and little parking development.

Social media users were quick to criticise the exorbitant price tag.

“Good investment? 1000 a month? 12,000 a year? It’ll take 45 years to see any profit,’ one person said.

Another added: “I told you this would have been a good investment years ago when they were $25,000.”

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