Buying a property with at least one off-street parking space can have a dramatic impact on that home's future value, with the number of parking spaces often having a direct correlation to a higher median sale price.
According to data from real estate company Domain, parking spaces are associated with higher median sale prices in most cities – and in most cases, the more parking spots, the better.
The data, which captures property sale prices in the six months to January 2026, shows that the number of parking spaces is clearly associated with an upward trend in the sold price of a home.
This is particularly evident in Sydney, where the median house price rises from $1.2 million for a property with one parking spot, to $1.57 million for a two-spot property, and up to $2.1 million for a five-spot property.
Of course, it's important to note that parking spaces are just one of the factors influencing sale prices, with prices also reflecting other factors such as land size, property condition, location and amenities.
Cate Bakos, a Melbourne-based buyer's advocate, says parking spaces can add hundreds of thousands of dollars in value to a home depending on the area.
"It depends on where you are in the city, but if you’re in an inner-city area like Carlton [in Melbourne] it might be an extra $600,000," Bakos tells Drive.
According to the property expert, homes with parking spaces are particularly in demand in suburbs with smaller blocks.
She cited two recent sales in Yarraville within walking distance of each other, with similar land sizes and the same number of bedrooms and bathrooms. The home with no car space sold for $1.37 million, while the home with a dedicated car space sold for $1.46 million – a premium of $90,000.
However, not all car spaces are created equal, and some are more preferable to property buyers than others.
Bakos explains: "In the same street, with equivalent houses, the order of popularity from least to most desirable is: car space on title at the front (least desirable), followed by a covered car space, then a garaged car space, and then the ultimate is rear or side access directly to a garage (off a street or laneway) so you don't have to use any of your land to accommodate a driveway".
Bakos adds that the premium for car spaces is set to skyrocket as electric cars become more popular, particularly if petrol prices remain high.
"Everyone used to be totally cool with street parking, and now they want proper facilities to charge an electric car. This petrol crisis has absolutely spurred it on," Bakos explains.
As a result, vendors and real estate agents are getting "creative" about how they promote properties to potential buyers.
"They're getting creative with selling the vision [of a parking space] – sometimes they even get council approval or technical drawings, but it involves getting a massive ramp or diggers in – which is no mean feat," she explains.
As a result, Bakos says buyers should "do their due diligence" if a real estate agent claims a property has the potential to accommodate a car space, as it might be technically possible, but financially or logistically prohibitive.
Susannah Guthrie has been a journalist for over a decade, covering everything from world news to fashion, entertainment, health and now cars. Having previously worked across titles like The New Daily, Elle, Harper's Bazaar, People Magazine and Cosmopolitan, Susannah now relishes testing family cars with the help of her husband and three-year-old son.
