Suburban paradise paved with pricey parking lots
Research indicates that mandatory car parking requirements are significantly increasing housing costs in Sydney and Melbourne. The Grattan Institute found that these requirements can add tens of thousands of dollars to the price of new units, often for spaces that remain unused. Experts suggest that revising these rules could lead to the construction of up to 140,000 new homes in these cities.
- ▪Mandatory car parking requirements can add between $46,000 and $132,000 to the cost of a new unit in Sydney.
- ▪In Melbourne, the final cost of an apartment can increase by $41,000 to $114,000 due to parking requirements.
- ▪Approximately 40% of residents in single-bedroom apartments do not own a car, highlighting the inefficiency of these requirements.
Opening excerpt (first ~120 words) tap to expand
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.