Hi all, Curious on people's opinions of a 1 or 2 bed unit in an inner city location with no parking. For example lower north shore/ eastern suburbs of Sydney with good transport connections and amenities. - rental demand? - capital growth and future sales prospects? Thanks in advance for the feedback.
I guess this would help from a renters perspective but my above question is just a general feeler so no specific example. If there was no car space on title or option to rent one in the complex would you believe this dramatically hinders rentability and future potential sale?
A proportion of people won't look at it without a carspace. But a proportion won't care but it should be anywhere between 50k to 100k cheaper for not having a carspace. Going forward, next 10 years I think it will still be beneficial to own a carspace. Beyond that, I think self driving cars will become commonplace and the average person might rent cars instead of own. However, if the space could be used for other purposes, it would still be handy to own.
If it's in the inner city it shouldn't affect your rentals. Plenty of people who live in the inner city or inner west don't have cars. Even moreso now days with car pooling and car sharing companies like goget. Capital growth wise it would be more of an impact. Especially for off the plan or apartments with lots of other apartments that are more or less the same, you would want to make yours unique with parking, or even double carapace and also storage. It's not uncommon for inner city properties to have no parking. City of Sydney are probably one of the only councils in Nsw with a maximum limit of parking for development within their planning instruments. Most other councils require a minimum. Why? Because they're trying to reduce car dependency in an area that is highly serviced by public transport
True. I believe the point raised about self-driving cars and the car sharing economy also will diminish the need for a car space especially for households in inner city areas.
100% I think if you live in the burbs owned cards will still have a place for a while to come but if you're within that 10km radius goodbye registration and maintenance bills. Uber is so cheap already, put a tonne more vehicles on the road, take the driver out of the equation and we'll never have to wait for a lift again. I would jump at the chance to get rid of my car if it were feasible without being a major inconvenience.
One random benefit of a separately titled car space to a unit I own... I get extra voting rights in the strata . But on the down side... extra strata charges too.
Good point. I think the mentality of car ownership is definitely changing and with self-driving cars ever closer it'll be interesting to see those changes even more
lukemaca33, note that the sale price spread with and without car parking may be up to 100-120K in many inner-city suburbs.
