The Cost of Convenience: Why Private Parking Spaces Are Driving Up Property Prices
Posted by Luxo Living on
For many suburban families, convenience is everything. But our new research reveals that convenience now comes at a steep price, with private parking spaces driving up property values by as much as $156,000 across Australia’s most populous suburbs.
Our team analysed more than 115,000 property listings sold over the past two years, using a paired sales approach to compare homes with and without dedicated parking spaces. By matching properties within the same suburb by size and features, we identified the added value of a parking space. The findings are eye-opening, showing just how much suburban households are paying for this everyday necessity.
Why This Matters
As our suburbs become more crowded, the simple luxury of having your own secure place to park is fast becoming a premium feature. In coastal suburbs like Collaroy and Coogee, limited on-street parking due to tourism and recreational activities has only intensified demand. What was once considered a standard home feature is now viewed as an upgrade, and buyers are willing to pay the price.
Expert Insights
Winston Tu, Founder and CEO of Luxo Living, explains: "As suburban areas become denser, this study shows that dedicated parking is becoming more scarce for everyday people. The findings reflect that what was once considered a standard feature of a home is now being treated as an additional upgrade, driving up the price of property in an already competitive market."
"The data highlights that in some coastal suburbs such as Collaroy and Coogee, where parking is limited due to high volumes of tourists and recreational activities, having a dedicated parking space has moved beyond convenience and has become a luxury that only those who can afford to pay the extra cost can secure."
Top 10 Suburbs Where Parking Adds the Most Value
|
Ranking |
Suburb |
State |
Average price per parking space |
Average property price |
No. without parking |
No. with parking |
|
1 |
Newtown |
NSW |
$155,868 |
$1,606,033 |
74 |
225 |
|
2 |
Collaroy |
NSW |
$155,858 |
$1,692,735 |
113 |
238 |
|
3 |
Coogee |
NSW |
$154,941 |
$1,693,463 |
118 |
352 |
|
4 |
Highgate Hill |
QLD |
$153,639 |
$1,386,178 |
40 |
117 |
|
5 |
Cottesloe |
WA |
$152,679 |
$2,921,278 |
45 |
97 |
|
6 |
Seaforth |
NSW |
$150,690 |
$3,533,786 |
28 |
58 |
|
7 |
Newstead |
QLD |
$150,405 |
$858,500 |
251 |
2,339 |
|
8 |
Griffith |
ACT |
$149,967 |
$1,294,562 |
30 |
426 |
|
9 |
Brighton |
VIC |
$149,728 |
$1,603,423 |
229 |
1,042 |
|
10 |
Balgowlah |
NSW |
$149,106 |
$2,141,531 |
43 |
74 |
Spotlight on Key Suburbs
In Newtown, families are paying up to $155,868 more for a home with a dedicated parking space; a significant amount for an area filled with young professionals and families balancing busy schedules.
In Collaroy, the beachside lifestyle comes with a premium, with parking spaces driving up values by $155,858. With limited street parking, competition is fierce.
Coogee also highlights this trend, with parking adding nearly $155,000 to the average home value. With its dense population and high demand, residents view private parking as a necessity rather than a bonus.
How the Data Was Collected
To calculate the value of parking, we analysed 115,607 property listings across Australia’s busiest suburbs over the past 24 months. Properties were paired by suburb, bedrooms, bathrooms, and overall quality, with the only difference being one dedicated parking space. Outliers were removed, and averages calculated, ensuring reliable results.
Final Thoughts
Convenience may come at a cost, but whether it’s parking or furnishing your home, the right choices can make everyday life much easier. At Luxo Living, we believe comfort and style should always be accessible. Discover our range of affordable living room furniture to make your home as functional and stylish as possible.