RM348,000 for a 12-square metre car park slot.

Reported in dailymail.co.uk was a piece of news which shows how ‘crazy’ some markets could be when it comes to just one car park spot. In north Sydney, in Kirribilli, one single outdoor car parking space was sold for AUD120,000 (RM348,000). The size of the space? 12-square-metre. Yes, just the right size for ONE car. It was sold off in an auction where a crowd of 60 gathered to bid and though bidding started at AUD25,000, it quickly went up to AUD120,000. Winner owns an apartment nearby the car park spot.

According to the auctioneer, there were no such prior car park auctions, thus there were no history to follow upon. One major reason stated was because of the lack of parking space in Sydney. This made me remember what a good friend told me. In Hong Kong, ANY parking space is a premium and the monthly rental can reach RM5,000! A check online showed that Kirribili is located three kilometres north of Sydney and it is the city’s most established and affluent neighbourhoods. Suddenly it seems clear why that one car park slot can be bid up to AUD120,000, right?
Two weeks ago, I went to KLCC Aquaria, parked there for many hours and the parking came to RM32. The only reason why the fee is so high is because choices are limited. When choices are limited, any parking space automatically becomes a premium. In the near future, auction of any such parking spaces would fetch almost similar amount to the one in Kirribili. Looking forward to seeing some of you in such car park auctions in future yeah. RM348,000 only.
written on 14 June 2015
Next suggested article: Singapore: Higher auctions and bargain hunters