How extra car parking adds value to residential developments
It’s no secret that Australia has some of the most expensive parking in the world. Thanks to an undersupply of spaces, Sydney, Melbourne, Brisbane and elsewhere, car parking spaces can sell for anything up to $90,000 in inner suburbs when sold separately.
What makes this situation worse is that many new developments don’t feature enough car spaces for every tenancy. On-street parking isn’t always available, and often oversubscribed when it is.
It’s little wonder that adding a parking space to a home in a city’s inner suburbs can add huge value to that property.
All of this means that the value of a car space is only increasing. Here’s why a car stacker could offer the ROI that makes a development viable.
How much value does an extra car space add to a home?
Depending on different variables, such as the home’s location, the total value that a car parking space will add to a home can be astronomical.
For CBD properties, the addition of a parking space can mean the home sells for up to $200,000 more than the median price if it includes a parking space.
It’s not difficult to understand why. If the homeowner can enjoy a convenient parking space for their home, instead of having to purchase a parking space in another location, it makes sense that they will pay more for the privilege.
This is where installing car stackers can increase the ROI for developers. Instead of having to find more physical space, with car stackers the existing space can house two or even three vehicles in the space traditionally reserved for just one.
Can a car park stacker save money on construction costs?
At first blush, you may think that car stackers represent an additional cost to a development. Yet that’s not necessarily the case.
Consider the cost of excavation for building a basement carpark. It’s estimated that developers pay around $3,000 per square metre to build a basement. That means a car space costs around $42,000.
By comparison, a two or three car stacker costs around $9,000 to $28,000 to install, per additional car space. That makes it an attractive alternative to basement construction.
Find out more about the latest car parking stackers
LevantaPark specialises in the design, project management, manufacture and installation of a wide range of parking lift systems, including dependent and independent car stackers.
Our experienced parking consultants can advise you on the right parking stacker for your particular needs. Get in touch with LevantaPark on 1300 993 548 or get in touch with us online.