A six-car parking lot in Sydney CBD has sold for $3.65 million, setting a new national benchmark with each individual space valued at over $600,000.
Record-Breaking Sale in Sydney CBD
A cluster of six parking spaces located at 2 Phillip Street, Sydney CBD, has sold for a total of $3.65 million, with each space effectively priced at $608,000. The property is part of The Quay, a 29-storey residential complex positioned near Circular Quay and the Sydney Opera House.
Background of the CBD Parking Market
Parking in the Sydney CBD has become increasingly valuable due to limited availability and high demand from both residents and commercial occupants. Prior to this sale, the highest known price for a single parking space in Australia was $304,700, recorded at Notts Avenue, Bondi, in January 2024.
Details of the Transaction
The six spaces were sold by Colliers Sydney through agents James Cowan and Cameron Colquhoun. Situated on the ground floor of the building, the spaces feature direct street access. The listing attracted strong interest, with 92 inquiries and 16 inspections prior to auction. More than 30 bids were submitted, with the reserve reached early in the process.
Investment Appeal in Sydney CBD
The location of the property, approximately 150 metres from Circular Quay Ferry Terminal and train station, has contributed to its appeal. The proximity to major residential developments such as Opera Residences and Bennelong Apartments has further heightened demand for secure, centrally located parking.
Market Trends and Community View
Alice Stolz, Domain’s Property Editor, noted that some buyers view parking acquisitions as lifestyle decisions. In suburbs like Bondi, individuals are willing to pay premium prices for convenient access to high-traffic areas, such as beachside locations.
Future Implications
The high sale price reflects the scarcity and competitiveness of secure parking options in central Sydney. While not explicitly stated by agents, the outcome may be viewed as indicative of broader interest in non-residential assets in the Sydney CBD.
Published 22-May-2025
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