A study commissioned by Uber Carshare showed that private car space is increasingly becoming a top consideration for many Australians looking for a house.
According to the study, close to nine in 10 Australians say a private car space is one of the prioritised amenities when looking to move to a new home.
In fact, 51% of Australians are willing to live outside their top suburb to ensure they have a private car space.
Furthermore, 77% of Australians are also willing to give up a backyard swimming pool to have a car space.
Apartment owners pay $6bn worth of unused parking
It appears, however, that the struggles are quite different for apartment seekers.
A study from RMIT University early this year surveyed 1,300 apartment residents across Melbourne, Sydney, and Perth and found that around 20% of households had too much allocated parking while roughly 14% did not have enough.
Lead researcher Dr Chris De Gruyter said residents often lack the opportunity to choose the number of required parking spots when renting or purchasing an apartment.
This is evident in the unequal distribution of off-site parking for apartments.
“We found in our study that people living in larger apartments tend to have an oversupply of parking because of current policies, which means they’re paying for a space they’re not using,” De Gruyter said.
Dr De Gruyter estimated that with parking space costs of up to $100,000, it could mean that residents are paying $6bn worth of unused off-site parking.
“This oversupply is not just an inefficient use of space, it is exacerbating housing affordability issues — meanwhile, apartment households with an undersupply of parking are forced to park on the street, competing with visitors in the area," he said.
For Dr De Gruyter, the solution is to unbundle parking in planning policy to help balance the supply of off-site parking.
“It was about giving people the choice to own or rent parking spaces in line with their needs — we can choose the number of bedrooms we want in our homes, yet we have no say in how much parking we need — unbundled parking is going to help with housing affordability, reduce car use and on-street parking issues," he said.
Advertisement
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.06% p.a. | $3,011 | Principal & Interest | Variable | $0 | $530 | 90% | 4.6 STAR CUSTOMER RATINGS |
| Promoted | Disclosure | |||||||||
5.99% p.a. | 5.90% p.a. | $2,995 | Principal & Interest | Variable | $0 | $0 | 80% |
| Disclosure | |||||||||||
6.14% p.a. | 6.16% p.a. | $3,043 | Principal & Interest | Variable | $0 | $350 | 60% |
-
Photo by imaginima on Canva.
Collections: Buying a home Mortgage News
Share