There’s a trend in Auckland City that you’re probably already noticing: there are very few carparks available.
The Auckland Council is approving apartment buildings that have no carparks, aiming to make some streets pedestrian-only and improving public transport and cycling options. Late last year many of the streets in Ponsonby were made ‘Residents Only’ parking. The Council wants more people living in the city, but not more cars.
The supply and demand equation suggests that if your apartment has an apartment in the central city, it will become more valuable in the future. Many carparks are attached to a certain building or floor of an office, while others are able to be bought and sold. One expert estimates the value of these independent carparks has risen by 60% in the past five years, from $45,000 to $75,000. With space at a premium and fewer carparks being built, these prices should continue to rise.
Something to think about if you’re buying or selling an apartment in 2019.