According to an article published on Stuff.co.nz. Fifteen freehold car parks in the Auckland Central Business District are available for bulk selling. These car parks are classy and of high quality, but, at the same time, they’re affordable for most buyers to purchase.
The car parks that hold individual titles are in the Farmers car park building on Hobson Street. These car parks are available for purchase in one or more units. Unique car parks are priced separately and in body corporate fees. However, their rental fees presently fall within $260-$280 every month. However, these car parks’ total worth is $69,000. Such a price worth is associated with more than 4 percent rental returns.
According to City Sales real estate broker Scott Dunn, car parks have become rare in-demand properties in the central part of Auckland due to the limited numbers of supply. Dunn further shares that considering the pandemic has brought fewer people to be regularly present in Auckland’s central business district, it has still been challenging to allocate car parks to people seeking these properties. The reason for such a situation is that the availability of car parks is scarce.
As mobility progressively returns to normal, the people’s presence in Auckland’s central business district has incrementally become regular. The supply/demand problem with car parks in the said area is known to complicate the matter, shares Dunn.
Some new real estate spaces have been present, but with only a few car parks available included in them. Recently, the progressive growth in building development properties without integrated car parks around. The growing demand for car parks in Auckland signifies that these properties make suitable real estate investments.
The lowest prices of Farmer’s car parks have been cheaper than the prices of other car parks in the complex structure up for sale during the previous year. Those prices have decreased from $82,750 to $72,500. Such a price was also lower than the median sale price for an individual car park in Auckland last year and the previous year, as reported in the generated Core Logic figures. In 2021, the median price was $95,000 generated out of 19 solo sales. On the other hand, the same median price was $80,000 the year prior.
There have only been solo sales of the said properties in Auckland for this year as we speak. Three of those properties are in Nuffield Street in Newmarket, and each sold for $150,000. The other property is in Remuera, which sold for $65,000.