Add $100,000+ value to your property with this tip- add a driveway

By Steven Cross

Adding off street parking to your inner to mid-city properties can increase the value of the home by hundreds of thousands, according to a renovation expert. This makes adding 

In a consultation with one of her clients, Cherie Barber from Renovating for Profit claimed that off street parking was a necessity for selling properties in a metro area.

“Without a car space, you’re just limiting your market and you’ll see that affect your eventual selling price.”

In an example she gave, a property in Sydney’s eastern suburbs was estimated to be valued at $1.1 million, but with some tweaking of the front yard to make space for a vehicle, the value could potentially reach $1.3 million.

While many inner city properties don’t have the space for off-street parking, Cherie claims there are some options.

  • While a swinging gate may be out of the question, you can install gates which run down the side of the property, and slide across the driveway entrance.
  • To find out if your property is capable of having a driveway, check your gutter to see if there is a slope instead of a curb (a crossover). If there is one, that means there was once a driveway on your property.
  • Try to avoid roller style garage doors. Cherie said many people find them ugly, and could deter buyers as a first impression of a property.

Reinforcing the value of car spaces, property developer Michael Yates specifically builds car parks as an investment in Melbourne’s CBD.

“The increased density in residential zones within a 10km radius of Melbourne?s CBD is now placing car parking at an absolute premium, pushing the values of these tiny spaces to record prices,” he said.

Mr Yates claims that some city car spaces have been sold for as much as $100,000-$120,000, with continuing strong demand.

“Car parks have followed a trend over the past thirty years and they seem to sit around certain values for a period of time,” Mr Yates said. “Every four or five years, people seem to suddenly realise their true values and they enjoy a sudden upsurge.”

Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
BLUE BAY 49.18%
Add $100,000+ value to your property with this tip- add a driveway
SPI logo