RARE CBD CAR SPACES NEAR OPERA HOUSE COULD FETCH $2 MILLION
Six ultra-rare car spaces near Circular Quay are set to fetch millions at auction in one of Sydney’s tightest property plays.
2 min
It’s the real estate unicorn of Sydney – an inner city car space. Having a private place to park in the CBD is almost as rare as gold dust, but a current listing is offering a sextuplet of scarce spaces with multimillion-dollar potential.
The unusual sale is for six secure car spaces on a single title at 2 Phillip St, Sydney, adjacent to bustling Circular Quay.
Positioned within metres of the Opera House, Botanic Gardens, Bennelong Apartments and Opera Residences, the parking is also beside a sea of elite harbour front eateries in the popular precinct, including Matt Moran’s Aria, and Peter Gilmore’s Quay as well as Bennelong.
Located under The Quay, a 29-storey residential building beside Circular Quay train station and ferries, the spaces have direct street access and measure a total of 85 sq m on title.
The parking spots will go under the hammer all in one line on May 16 at an on-site auction, which could generate interest of more than $2 million, says listing agent James Cowan, head of NSW investment services at Colliers.
“This is a tightly held and undersupplied asset class in the CBD,” he says.
“Reduced on-street parking, coupled with construction, rezoning, and conversions, has all contributed to a critical shortage of car spaces. This scarcity is expected to drive strong interest during the auction campaign.”
Despite the princely sum, if the spaces meet price expectations, each spot would still cost less than the current record for an individual space in Sydney.
That crown goes to a 30 sq m lock-up garage on Roslyndale Ave in Woollahra. It reportedly sold for a head-turning $500,000 in June of last year to a family that had spent $6 million on a nearby house without an enclosed parking garage.
Other pricey sales include a Notts Avenue, Bondi Beach car space, which was snapped up for $304,700 in January last year, and an undercover single-car park on Onslow Avenue in Elizabeth Bay that fetched $249,000 in February 2019.
Cowan and his co-agent Cameron Colquhoun believe the prime location is behind the already high level of inquiry and conversations with potential buyers, pointing to the $2 million figure.
“The prestige and amenity of the surrounding precinct enhances the appeal to both investors and owner-occupiers,” Colquhoun says.
In addition to the dress circle position beside some of Sydney’s most iconic landmarks and fine dining venues, the spaces are also next to the historic Royal Automobile Club of Australia on Macquarie St, making it a dream destination for car connoisseurs and collectors who want to secure their vehicles in the heart of the city.
Six inner city parking spaces at lot 51, 2 Phillip St, Sydney will go to auction on-site on Friday, May 16 at 10.30am with Colliers.
A divide has opened in the tech job market between those with artificial-intelligence skills and everyone else.
A 30-metre masterpiece unveiled in Monaco brings Lamborghini’s supercar drama to the high seas, powered by 7,600 horsepower and unmistakable Italian design.
Buyer demand, seller confidence and the First Home Guarantee Scheme are setting up a frantic spring, with activity likely to run through Christmas.
2 min
The spring property market is shaping up as the most active in recent memory, according to property experts Two Red Shoes.
Mortgage brokers Rebecca Jarrett-Dalton and Brett Sutton point to a potent mix of pent-up buyer demand, robust seller confidence and the First Home Guarantee Scheme as catalysts for a sustained run.
“We’re seeing an unprecedented level of activity, with high auction numbers already a clear indicator of the market’s trajectory,” said Sutton. “Last week, Sydney saw its second-highest number of auctions for the year. This kind of volume, even before the new First Home Guarantee Scheme (FHGS) changes take effect, signals a powerful market run.”
Rebecca Jarrett-Dalton added a note of caution. “While inquiries are at an all-time high, the big question is whether we will have enough stock to meet this demand. The market is incredibly hot, and this could lead to a highly competitive environment for buyers, with many homes selling for hundreds of thousands above their reserve.”
“With listings not keeping pace with buyer demand, buyers are needing to compromise faster and bid harder.”
Two Red Shoes identifies several spring trends. The First Home Guarantee Scheme is expected to unlock a wave of first-time buyers by enabling eligible purchasers to enter with deposits as low as 5 per cent. The firm notes this supports entry and reduces rent leakage, but it is a demand-side fix that risks pushing prices higher around the relevant caps.
Buyer behaviour is shifting toward flexibility. With competition intense, purchasers are prioritising what they can afford over ideal suburb or land size. Two Red Shoes expects the common first-home target price to rise to between $1 and $1.2 million over the next six months.
Affordable corridors are drawing attention. The team highlights Hawkesbury, Claremont Meadows and growth areas such as Austral, with Glenbrook in the Lower Blue Mountains posting standout results. Preliminary Sydney auction clearance rates are holding above 70 per cent despite increased listings, underscoring the depth of demand.
The heat is not without friction. Reports of gazumping have risen, including instances where contract statements were withheld while agents continued to receive offers, reflecting the pressure on buyers in fast-moving campaigns.
Rates are steady, yet some banks are quietly trimming variable and fixed products. Many borrowers are maintaining higher repayments to accelerate principal reduction. “We’re also seeing a strong trend in rent-vesting, where owner-occupiers are investing in a property with the eventual goal of moving into it,” said Jarrett-Dalton.
“This is a smart strategy for safeguarding one’s future in this competitive market, where all signs point to an exceptionally busy and action-packed season.”
Two Red Shoes expects momentum to carry through the holiday period and into the new year, with competition remaining elevated while stock lags demand.
A luxury lifestyle might cost more than it used to, but how does it compare with cities around the world?
A cluster of century-old warehouses beneath the Harbour Bridge has been transformed into a modern workplace hub, now home to more than 100 businesses.
