Unveiled: The Aussie Buitenwijks where parking adds the most to house prices – realestate.com.au

In the bustling suburbs of Australia, a new kind of luxury has been raised the real estate prices – no designer kitchen, a backyard swimming pool or even a view of the water. It is the modest parking space.

A new study shows that homeowners pay on average up to $ 156,000 more for property, garages and driveways to convert into some of the most valuable real estate functions on the market.

The research, conducted by the Australian furniture store Luxo Living, analyzed the sale of real estate in the most populated suburbs of the country in the past two years.

By comparing houses with and without special parking spaces, the study discovered the stunning premiums that buyers of premiums are willing to pay for convenience – and exclusivity – of private parking.

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Winston Tu, founder and CEO of Luxoliving.com.au, says that the findings emphasize a growing trend in real estate in the suburbs.

“As the suburbs become closer, this study shows that dedicated parking is becoming scarcer for ordinary people,” he says.

“The findings indicate that what was ever considered a standard function of a house is now being treated as an extra upgrade, which increases the price of real estate in an already competing market.”

This scarcity has transformed parking from a practical necessity into a status symbol.

In suburbs where street parking is limited or fiercely, the value of a private parking space has risen, making it a must-have function for many buyers.

The suburbs where parking costs the most

The study identified five suburbs where the price premium for parking is particularly striking.

Newtown, NSW

At the top of the list pay Newtown owners on average $ 155,868 more for real estate with special parking space.

Known for its lively culture and proximity of Sydney CBD, the narrow streets of Newtown and limited parking spaces make private spaces a valued raw material for families and professionals.

Collaroy, NSW

In this suburb on the beach, property with parking commands on average an extra $ 155,858. Collaroy’s beautiful view of the coast and bustling tourist activities come with a disadvantage: scarce street parking, so that the demand for private spaces is brought forward.

COOGEEE, NSW

Buyers in Coogee pay an extra $ 154,941 for houses with parking. As one of the most densely populated suburbs of Sydney, Coogee’s limited availability of parking garages and driveways has turned into very popular assets.

Highgate Hill, Qld

In Brisbane’s inner -city suburb of Highgate Hill, the parking premium reaches $ 153,639. With parking on the street often unreliable, private spaces offer the convenience and security for which many home buyers are willing to pay. 5.

Cottesloe, wa

Cottesloe Properties with parking to complete, adds $ 152,679 to the average selling price. The popularity of the suburb as a coastal destination means that parking is a premium, making private spaces a valuable function for residents.

Related: how you can lower your parking costs in the Adelaide CBD

Some families are willing to pay up to $ 156,000 more for a house like this means that they can park one or more cars.

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What this means for buyers and sellers

For buyers, the absorption of a parking space can significantly influence affordability, especially in the suburbs of demand.

For sellers, the findings underline the importance of emphasizing parking functions in marketing properties, because they can add a considerable value to competing markets.

“As the suburbs become busier, parking is no longer just a convenience – it’s a lifestyle -upgrade,” Tu said.

“The data reflects how Australians are willing to pay a premium for peace of mind and usability that private parking offers.”

With the increase in suburbs, it is unlikely that the value of parking will decrease.

For those who navigate on the real estate market, the question remains: is the convenience of a private parking space worth the extra costs, or can alternative solutions-such as improved public transport or car sharing help when illuminating the financial burden?

One thing is clear: in the current real estate market, parking is no longer just a space – it is an explanation.