In case you missed the news, Sydneysiders are hating on life because they can't get a house for under $1 million.
Unfortunately, we are here to tell you, that buying a car space to spend your nights in is probably off the table, too. Lately, a strip of asphalt has been selling around the $100,000 mark and the market isn't looking to slow down any time soon.
Domain's Senior Economist Andrew Wilson told Mashable Australia the Sydney market is "very strong" and car space prices "are rising with the market."
"There is no sign of the market slowing down. We are really surging toward that million-dollar median house price in Sydney," he said. "We are becoming more confined in terms of value of land itself, so a car space is becoming more of a golden asset given how pricey land actually is."
Wilson advised that although it may seem like one should invest in a car space, a potential investor would be better off looking at commercial properties as an alternative to residential, as it has a higher rental yield.
On top of the cost of purchasing a car space, if it is in a central area, you will also have to cough up for the annual parking levy -- which is in place to limit traffic congestion -- of A$2,260 in Sydney's CBD and A$1340 in Melbourne's CBD, plus quarterly strata and council fees.
So if you want good news, today is not your day. Here's a look at what you can get for your hard-earned cash in the Sydney and Melbourne property markets, just in case you weren't annoyed at the world enough. Sorry.
Modern delight
Location: Ruschcutters Bay, Sydney
Price: A$85,000
Ignore the dampness and think of the prime location. It comes with all the mod-cons (including massive air conditioner duct and security sheet) in a hip Sydney neighbourhood. This is real estate gold.
Two for the price of two
Location: North Sydney
Price: A$330,000
For the price of a small apartment (who needs a bed), you can snap up these tandem spots in the other CBD. What a deal. "Do NOT miss out on this extremely rare opportunity!" the seller advises.
Light-filled luxury
Location: South Yarra, Melbourne
Price: A$65,000
You can score yourself a spot right in the centre of this trendy shopping district. It even has natural light. This is a dream residence for a Barina.
Location, location, location
Location: Melbourne
Price: A$57,500
For rental returns, there is nothing like this stylish park in the heart of Melbourne, which can fetch you a $400 a month return. With freshly painted lines and a convenient distance from the lift, this is the carpark you've been waiting for.
Industrial chic
Location: Docklands, Melbourne
Price: A$48,000
With stunning features, like exposed pipes and an industrial feel, this space will make you feel right at home. Vents are an additional benefit so the smell of fuel doesn't overwhelm the owner. This is cheap as chips for a capital city location, so get in quick.
Lifestyles of the rich and famous
Location: Pyrmont, Sydney
Price: A$190,000
A harbour-front location doesn't come cheap. And while you are splashing out, why not snap up a slice of water to park your boat for $390,000.
Water glimpses
Location: Sydney CBD
Price: A$75,000
If you're not into aesthetics and just want a roof over your car's head, this central space is cheaper than most. It is on a tree-lined street, and near the massive Barangaroo development in Sydney, so you may be able to earn some money back in rental dollars from high-flying casino guests.
Boom time
Location: Bella Vista, Sydney
Price: A$150,000+
Just a leisurely 40 minute drive out of the Sydney CBD, this group of three carspaces is a winning investment. Not only can you park your fleet of cars after fighting through heavy traffic, you can also offer car washing services -- as the space is ready to go as a valet and car washing business.
