This article is from the Australian Property Journal archive
BRISBANE car parking costs continue to rise despite the global recession, according to new research by Colliers International.
The annual global Colliers International Parking Rate Survey revealed Sydney, Brisbane and Perth again all ranked in the top 10 cities globally for the most expensive median monthly parking and the top five in Asia Pacific.
Brisbane was the seventh most expensive in the world and jumped to third priciest in the Asia Pacific region, with rates increasing 5 % to $529.19 USD ($660 AUD), while Perth came in ninth in the world and fifth in Asia Pacific, with a median rate of $517.16 USD ($645 AUD). Brisbane outranked Tokyo with a rate of $525 USD and Zurich at $515.74 USD.
Colliers International’s commercial research manager Helen Swanson said Brisbane had experienced a 5 % increase in monthly parking rates and 19 % increase in daily rates.
“The increase could be a result of a continued imbalance between supply and demand, with the office market remaining solid.
“One such example is 53 Albert Street, Brisbane, where 4-plus hours of car parking costs $40 (not including early-bird rates),” she added.
Brisbane City Council run King George Square car park has daily maximum parking rates considerably less than the average detailed in the survey, $25, compared with private car parking which ranges from $40 to $50 for four hours or more in the CBD.
Swanson said costs will put pressure on commercial rents.
“If car parking is that expensive, it’s more likely that it will have to be included within future leases,” she continued.
Meanwhile Sydney CBD was the most expensive city in Australia with a monthly average of $587.72 USD ($733 AUD), but Colliers noted growth has slowed.
Colliers director of commercial research Felice Spark said historically there has been a link between the health of the office market and monthly parking rates and the health of the consumer economy and daily parking rates.
“Rising CBD vacancy rates meant there would be less people parking in the cities and therefore a decrease in demand for parking,” she added.
Within Australia, the daily parking rate was highest in Sydney at $44.10 USD ($55 AUD), followed by Brisbane at $38.09 USD ($47.50 AUD), Melbourne at $30.47 USD ($38 AUD), Perth at $23.25 USD ($29 AUD), Adelaide at $14.83 USD ($18.50 AUD) and Canberra at just $6.82 USD ($8.50 AUD).
Australian City Parking Rates – in AUD
|
City |
2009 Median Daily Parking Rate |
Change in Daily Rate Since 2008 |
2009 Median Monthly Unreserved Parking Rate |
Change in Monthly Rate Since 2008 |
|
Adelaide |
$18.50 |
0% |
$275.00 |
Up 7.5% |
|
Brisbane |
$47.50 |
Up 19% |
$660.00 |
Up 5% |
|
Canberra |
$8.50 |
n/a |
$255.00 |
n/a |
|
Melbourne |
$38.00 |
0% |
$425.00 |
Down 19% |
|
Perth |
$29.00 |
Up 0-15% |
$645.00 |
0% |
|
Sydney |
$55.00 |
Down 5% |
$733.00 |
Down 11% |
Globally, London City was once again the most expensive CBD for parking in the survey with a median monthly rate of $1,020.29 USD, followed by London’s West End at $955.51 USD and Amsterdam at $805.36 USD. The results highlight how parking appears to be somewhat immune to the economic downturn with, in local currency terms, both London markets registering a modest increase from 2008 rates.
Australian Property Journal
