Renting out car spaces is the latest great idea that people have found to help pay off their spiraling debts and breathe a little easier during these difficult economic times.

Michael Dunne, Managing Director of RentmyCarpark.com.au says “most people don’t even know they have such a valuable asset right under their noses. Any space can be a money spinner and people always need spaces to park their cars, trucks, boats, bikes, caravans and more. People are always on the lookout for cheaper storage alternatives too”.

An advertisement on the Rentmy Carpark website is just $10 (+gst) and the ads are listed for 12 months, so it’s pretty cheap to test the market for your space. The company acts purely as an advertising service and therefore they take no commission once you find a renter for your space.

Depending on the area that you live in rental returns from your space can range from between $25 per week to a respectable $150 per week.

Mr Dunne said “although any space could potentially be rented out, subject to local regulations, the most popular searches tend to be for car or storage spaces near city centre’s, train stations, universities, sports stadiums and beaches.”

Rentmy Carpark is set up so that you can advertise your space as either Long term (weekly rates), or Short term (daily rates). You can also specify the days and time that your space is available, meaning that a space doesn’t need to be available 24/7 for you to earn money by renting it out.

Learn more >

Car Parks are now one of the most valuable pieces of real estate in the City

SMH – Money

James Cockington
February 15, 2012

That slab of concrete where you park your car is now one of the most valuable pieces of city real estate, rivalling office and apartment space for cost per square metre. And it has appeal for DIY super investors.
According to research to be released later this year by Colliers International, the number of non-residential car spaces available in or near the centre of Melbourne or Sydney has either increased only marginally (Melbourne) or declined slightly (Sydney) between 2006 and 2011.

Last year, Melbourne had about 40,000 city spaces, a rise of about 500 since 2006. Sydney has about 28,500 spaces, a drop of about 50 since 2006.

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The national research director at Colliers, Nerida Conisbee, says this trend is largely due to council policy aimed at restricting the volume of private cars using the centres of cities.

Brisbane has placed a ban on the future construction of multilevel car parks. This policy also applies to residential developments. The Barangaroo complex in Sydney has limited parking to 300 spaces.

In theory, this means existing spaces will become an increasingly valuable commodity based on the demand-and-supply formula. Those that are advertised for sale suggest this.

A Sydney space listed for sale in a Harris Street, Pyrmont, parking building is priced at $35,000 through McGrath real estate. It is described as ”an affordable entry into the market, ideal for those seeking a self-managed super fund portfolio”.

City spaces are valued according to how close they are to the central business district and even how close they are to the front entrance of the building. The higher up the spiral you have to drive, the less valuable the space becomes.

Spaces closer to the CBD cost about $50,000 to $60,000 and can go up to $150,000 for those in Sydney apartment blocks. The availability of these is a complex area, dependent on council bylaws and strata titles.

Owners of some residential apartments might only be able to sell their car space to others living in the building. Some spaces can only be sold with the apartment.

Residential spaces that can be sold independently are in strong demand and those in the Sydney’s CBD have sold for more than $200,000.

McGrath agent Brett Macartney, a parking space specialist, is currently listing one in the exclusive Mantra apartments in Bond Street, Sydney.

At the time of writing, its status is yet to be finalised. The vendor picked up two spaces when the apartment was bought and now wants to sell the second one.

It will be listed for an estimated $155,000, which places it close to the top end of the market in Sydney. Spaces at the Observatory Tower complex in Kent Street have sold for about $220,000 each.

Macartney says investing in a parking space is not necessarily the blue-chip attraction it once was because of recent rises in council parking levies.

Annual returns of 5 per cent to 10 per cent five years ago are now down to about 2 per cent to 3 per cent.

For those who can pay cash for a parking space and want to use it themselves for a period, this can still be a good investment.

The Sydney city levy for a space is now $2100 a year. Melbourne’s equivalent, officially known as a congestion levy, is $910 a year. Both figures represent a 100 per cent increase in the past few years. Perth has also introduced a parking levy.

Yes, they are trying to tell us something: they don’t want our cars parked in the city.

Colliers’ research shows that parking rates have also risen, with an average daily cost of $64 in Sydney and $58 in Melbourne.

Early-bird rates are considerably lower but even so, the cost is no longer practical for the average worker.

Conisbee says the demand for parking usually rises along with employment rates but picked up on a new trend in this latest survey.

The relative importance of car-parking facilities has declined among those who work in the city. Bicycle parking is now a higher priority.

Those who dream of owning a parking space in the city might now prefer to invest that money in a state-of-the-art pushbike.

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The ACT Government is under pressure to provide more parking spaces for commuters in Canberra’s CBD and town centres.

The Opposition says the Government’s parking strategy has sat on the table for four years and is woefully out of date.

Spokesman Alistair Coe says Canberra was designed for cars and the Government must improve the bus network if it wants to discourage people from driving.

“Canberrans depend on vehicles to get around. This Government seems unwilling to admit that. They seem to be determined to make it harder and harder to drive and harder and harder to park, therefore pushing people onto public transport or other means of transport,” he said.

“The fact is they’re not viable. If we want people to get onto an ACTION bus, they need to make ACTION buses better.”

But the Government has defended its management of car parking.

Territory and Municipal Services Minister Simon Corbell says the Government is investing in improvements across the transport network.

“The Government’s demand management approach to parking and sensible, measured approach to parking pricing, will help us to manage parking demand over time and create a more sustainable Canberra,” he said.

“We will not respond in a knee-jerk manner and we will not examine the issue of parking in isolation of the broader issues associated with planning and sustainable transport.”

Meanwhile several thousands Erindale residents have signed a petition expressing frustration about traffic congestion near shops and its effect on businesses.

They want the Government to boost parking spaces and consult residents and business owners about planning arrangements for the Erindale Shopping precinct.

Liberal MLA Steve Dozspot presented the petition, with almost 3,800 signatures, to the Legislative Assembly.

“Secure Parking has announced that patrons will be able to leave their cars overnight…”

The North Shore Times

7 January, 2011 5:04pm

Here’s the media release …. 
“Cars sleep free!” Free car sleep over to help ease weekend traffic congestion during Festival Date: 7 January 2011 
On the eve of the Sydney Festival Secure Parking has announced that patrons will be able to leave their cars overnight on Fridays and Saturdays in Sydney’s CBD for as little as $10. It’s hoped that the move may encourage people who are planning to drive in to the City to catch public transport home and in doing so help reduce congestion in the CBD at key event close times. “For as little as $10 drivers can now park in selected car parks in Sydney and not pick their car up until after lunch the following day,” Secure Parking, Corporate Marketing Manager, Andrew Sapir, said. “This new parking deal is good news for Festival patrons and party goers in general as it will encourage car pooling and end the drink drive guessing game for those visiting the entertainment precinct on weekends.” Mr. Sapir said in addition to free overnight parking on the weekends, as a key sponsor of the Sydney Festival Secure Parking will offer Festival patrons a flat rate of $10 for evening parking at car parks close to a number of Festival venues. These include: . State Theatre – 383 Kent Street, Sydney . Town Hall – Hilton Hotel, 59 Pitt Street, Sydney . City Recital Hall – Number 1 Martin Place, Pitt Street, Sydney . Beck’s Festival Bar – Number 1 Martin Place, Pitt Street, Sydney . Festival Garden – Hyde Park Piccadilly, 137 Castlereagh Street Sydney “The provision of these cost effective parking initiatives is good news for visitors, residents and the environment as it should help ease traffic bottlenecks and get cars off the streets by reducing the number of vehicles circling our CBD looking and waiting for ‘on street’ parking,” Mr. Sapir said. For a copy of the Secure Parking Sydney Festival Parking Guide, including a handy map showing where parking is available as well as discount parking vouchers, terms and conditions for evening parking during this year’s Festival, visit www.secureparking.com.au. Media enquiries & interviews: Kylie Park 0439 604 084

Every day 3620 motorists get a parking fine, Office of State Revenue figures reveal.

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The Daily Telegraph

Author: Vikki Campion / October 13, 2010 12:00am

Drivers, caught out in parking and traffic infringements, are the state’s cash cows.

Parking tickets account for $1 billion income in the six years to June. Red light cameras earned $93.9 million and speed cameras $352 million.

Every day 3620 motorists get a parking fine, Office of State Revenue figures reveal.

NRMA president Wendy Machin said the fines were getting harder to cop as an increasingly cynical motoring community could not see the penalty matching the mistake.

“Motorists don’t mind paying a fair price for doing the wrong thing but they are getting sick of what they see is blatant revenue raising,” she said. “There would be some greater acceptance of fines if the money could be seen to be used for relevant purposes, such as improved facilities or fixing local roads.”

Overstaying in a parking space comes with an average $114 price tag.

The fine increase means councils took $158.2 million in the year to June, compared with $105 million in 2003/04 even though only an extra 160,000 people were booked.

In 03/04 they made $105.2 million from 1.2 million parking fines. In 09/10 it was $158.2 million from 1.3 million fines.

Councils yesterday said parking revenue ended up in their general budgets, with money being spent on facilities ranging from playgrounds to libraries and bike paths.

Local Government Association president Genia McCaffery said fine revenue was critical to repair roads and build communities.

“They are used to make local traffic facilities and roads that we rely on,” she said.

“We have been given the job to manage parking, we are doing it properly. Councils are facing larger and larger populations, trying to manage a shrinking resource and it’s difficult. The State Government is not doing its job in providing public transport.

“Nobody likes getting a fine but if you park illegally that is the risk to be run.”

Ms Machin urged councils to follow Parramatta Council’s example and establish a panel to contest fines.

A spokeswoman for Roads Minister David Borger said parking fines moved with CPI.

“Councils have massively stepped up enforcement of parking fines,” she said.

CBD Parking just got a whole lot easier!

Parking Search is the latest parking enterprise from newly formed car parking company Rentmy Carpark Pty Ltd.

Their new web site enables drivers to locate parking station and open air car parks in major cities across the country.

Michael Dunne, Parking Search’s Managing Director, said “never before has an Australian website offered drivers such a simple and effective way to find parking. Because our listings have direct webpage links people can find up to date information on hourly rates, operating times, early bird deals and a range of other services in just seconds.

You can visit Parking Search at www.parkingsearch.com.au

Ever think Hobart was just a big country town? We’ll think again as it seems waiting lists are not just found in their Hospitals!

~

The Mercury – City Parking Crisis

Author: MEGAN MCNAUGHT / April 08, 2010 12:01am

COMMUTERS are parking several kilometres from the CBD and trekking into work because of an inner-city parking shortage.

Others are joining three-year waiting lists in the hope that one day they will be able to park their cars in town.

Every morning before the sun comes up cars arrive at free parks near the cenotaph, the Queens Domain and the TCA grounds and workers continue into the city on foot.

Some walk more than 3km to reach their places of work and do the same distance in the afternoon.

John Devine, of Rokeby, parks near the cenotaph and walks 10 minutes to the Royal Hobart Hospital where he works in food service.

Mr Devine said he does so rain, hail or shine because there is no other option.

“I start work at 5.30am and none of the carparks in the city are open.

“Even if they were I probably wouldn’t park there because they are too expensive.”

Mr Devine said he always sees the same faces on his daily journey.

“Just about everyone I know that works in the city parks out of town and walks in,” he said.

Hobart City Council General Manager Nick Heath said work was underway to solve the parking shortage.

He said the council had recently completed a 240-space carpark on top of Centrepoint.

And Sultan Holdings is building a 550-space carpark on Argyle St, opposite the hospital, which is expected to open within 18 months.

Sultan Holdings also has approval to build a 750-space carpark in Bathurst St.

“Hobart is growing quickly but building carparks can be a slow process because you have to wait for the land to become available,” Mr Heath said.

“This is a short-term issue. We have a lot more car parks coming online soon.”

Mr Heath said many commuters would choose to park on the city fringe and walk in, regardless of how many car parks were available in the city, to save money on parking or as a lifestyle choice.

A spokesman for Sultan Holdings said there was a two to three-year waiting list for permanent parks at the Market Place carpark on Macquarie St.

“At the moment there is a huge demand for carparking in the city and not enough spaces to go around,” the spokesman said.

Is there a problem with Brisbane Council planning to increase the number of parking meters around the city fringes from 3750 to 9000? Surely not, after all who could blame them for looking to new revenue streams given the testing year we’ve all just had.

One point to note is that the majority of Pubs and Clubs will admit to relying on poker machine revenue to keep them going. Perhaps some Councils could improve their public image by taking a lead from the Pubs and Clubs.

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Brisbane Times – Council calls time: Brisbane parking meters to double

Author: Tony Moore / Wednesday, 4^th November 2009

The number of parking meters in Brisbane’s inner city will more than double under council plans to push out free parking on the CBD’s fringe.

The overhaul would see the council’s 3750 parking meters increase to 9000 and a tightening of the current residential parking permit scheme, which gives exemptions to city fringe residents who do not have access to off-street parking.

Demand for inner-city curb space and the alleged abuse of the current parking permit system is behind the push, however the council’s Labor Opposition has accused Campbell Newman’s ruling LNP of revenue raising.

“What is unstated is that this is about parking meter revenue and reducing the number of parking permits that will exempt residents from having to pay for meters. That is what it is all about,” Labor’s Cr David Hinchliffe told a council meeting late yesterday.

In the 2008-2009 financial year, 2900 Brisbane parking meters earned $7.5 million. Since July, about 800 more meters have been installed in the inner-city. About 5200 meters would be added under the changes.

The new meters have been earmarked for Herston, Bowen Hills, Kelvin Grove, Teneriffe and Newstead.

The council’s Labor Opposition has labelled the expansion plan a “grab for cash.”

However, LNP Deputy Mayor Graham Quirk told the meeting at City Hall the misuse of inner-city parking permits had forced the council to act.

Lord Mayor Campbell Newman said permits – which allow residents to park on inner-city streets without having to pay parking meters or pay parking fines – were being photocopied, given to neighbours and sold for up to $10 each in suburbs such as Woolloongabba.

“There are plenty of examples of that. There are examples in Councillor [Helen] Abraham’s [The Gabba] ward of people photocopying permits and things like that,” Cr Newman said.

“There is an issue and it needs to be dealt with.”

Currently, about 19,000 parking permits are issued to residents, most of them in the suburbs of Woolloongabba, Dutton Park, West End, Bowen Hills, Fortitude Valley, Kangaroo Point and St Lucia.

Under questioning from his Labor opponents, Cr Quirk admitted council officers had recommended charging permit holders a $10 administration fee but Civic Cabinet had dismissed the idea on Monday.

“There was a proposal for fees that was put up as part of a submission and it was rejected,” Cr Quirk said.

“The point of the matter is that the fees that were part of that submission could only come about because of a Labor law which was introduced under the signature of Cr Hinchliffe some years ago.”

Cr Quirk said Labor councillors in 1996 passed a local law giving the council the ability to charge permit fees of up to $70, or $210 for a second permit.

“That was the provisions that Labor were going to be introducing into the Robertson/MacGregor traffic area plan,” he told the meeting.

Cr Hinchliffe said no fees had ever been charged.

“For the last 14 or 15 years since that parking scheme was implemented…there has not been one brass razoo extracted from residents in the way of a parking fee.”

Cr Newman accused the ALP of “crying wolf” over the parking scheme.

“This is good public policy. It is really only an add-on to what they proposed many years ago, which they are now disowning at rate of knots and it should be supported by them and all members of the council this afternoon.”

The new policy was backed 16 votes to 10, with Labor councillors opposing the change.

This ambitious project is now gaining significant momentum, thanks to the support of Australia’s two largest Parking Companies – Secure Parking and Wilson Parking.

With over 400 Parking Stations already listed, drivers across the country are able to find the perfect car park in seconds thanks to our market leading search engine.

You can find out more about the project at – What is the APS Project?

For many Sydney motorists the fact that their city has been ranked as the World’s fifth most expensive place for parking will come as no surprise. However most of them may not be aware that from last week a CBD car park just got even pricier.

~

Livenews.com.au – Sydney CBD boasts some of world’s priciest parking

Author: AAP / Tuesday, 7^th July 2009 12.37 PM

Sydney’s CBD is one of the priciest places in the world to park a car, outranking Manhattan, Zurich and almost every city in the Asia Pacific.

The average cost of parking a car in Sydney’s CBD is $733 a month, making it the fifth most expensive city in the world, property researcher Colliers International’s annual parking rate survey has found.

The only more expensive city in the Asia Pacific for parking is Hong Kong, where the average price is $US748 ($A939).

And the price of parking in Sydney will be even higher from this month. The survey was carried out before the NSW government increased its parking space levy by $87 a month on July 1.

The survey found the City of London was the most expensive location to park a car in the world on a monthly basis at a average cost of $US1,020 ($A1,281), followed by London’s West End at $US955 ($A1,199) a month and Amsterdam at $US805 ($A1,011).

America’s most expensive area was Manhattan in New York, with a median monthly rate of $US550 ($A690).

Surprisingly, it is also more expensive to secure a monthly car space in Sydney than it is in Tokyo, where it costs on average $US525 ($A659) a month, or Zurich where the average is $US515 ($A646).

Parking in Brisbane’s CBD is not cheap either.

According to the Colliers survey, Queensland’s capital is the seventh most expensive place in the world to park, at $660 a month.

In Perth’s CBD, the median monthly cost of parking is $645, and in Melbourne’s CBD it is $425.