Is off-street parking important?

Finding a property in the city’s inner-ring with off-street parking can be challenging, but is street-parking a sensible compromise?

We field this question often, particularly when we’re working with clients in the inner-ring suburbs. The problem is; our gentrified inner-city allotments were subdivided as worker’s cottage sites back in the late 1880’s when working-class folks didn’t dream of having cars. Now that these trendy areas are attracting high household income owners, the mis-match from yesterday means that car parks on title are a rarity.

Finding a larger allotment is certainly possible but it comes at a price.

For many inner-urban suburbs, the value of an off-street car space can easily reach hundreds of thousands of dollars, and the mere thought of contemplating this surcharge is difficult for many. For others, weighing up the best use of several hundred thousand dollars is complex. Do they extend the property? Do they renovate and update the internals? Or do they target a larger dwelling instead?

We tackle this issue with every inner-urban client brief. “Do you want off-street parking?”, “Is it a deal-breaker not to have it?”, “Will your needs change and one day you’ll want a car space on title?”, and “Do you have, or do you plan to own an electric vehicle?” And we then demonstrate the scarcity and the cost-impact of a car space in the preferred locales.

It boils down to being a very personal decision for many. Some are agnostic about having a vehicle in such a high-amenity area, while others prefer a space if possible. For those who do require an off-street space, they come in several forms. Driveway space, carport, garage, rear lane access to a garage, rear lane without current car access, and so on. In many of the latter situations, buyers contemplate giving up a rear yard in exchange for an off-street car space.

“When in Rome…”

When I’m asked by an investor whether a car space on title in an inner-ring suburb is a must-have, I respond, “when in Rome”, (a phrase that signals a broad acceptance of the localised situation), however I do have several caveats around my acceptance of a period cottage without a car space.

Firstly, I only make the exception for a period house in an inner-ring location.

Secondly, I need to be satisfied that street parking at any time of the day is not problematic. Daytime is not always a good indicator, as many are at work and the neighbourhood is at its quietest. Checking in the evening and on weekends is important too. During the pandemic, streetscapes were more representative of the status-quo during the day because Melburnian’s were all forced to stay home.

Thirdly, I like to know that a resident can see their car from their front door. Abundant parking is of limited comfort if an owner has to hike around the corner and hope that their car is there, and untouched. Nor do they like bringing in groceries in the rain when it’s a hike to get to their home.

Not only do we like to recognise any parking challenges during the day, but we also have to contemplate events, business activity, sporting venues and parking restrictions to get a full picture of the challenges a resident could potentially face. For example, some streets near football ovals or stadiums can seem easy to navigate when it comes to parking, but come Saturday and it all feels exhausting. The same can be said for proximity to schools and daycare centres. If a resident needs street parking access at drop off and pick up times, it can be very frustrating to find that there are no parks for these time periods.

Sometimes it is the streets that are burdened by a lack of restricted parking that can be problematic for residents too. Take our very own Yarraville village as an example. The streets near the village traders all have an applied two hour maximum parking limit. The neighbouring streets without the parking limitations are the ones that are highly congested during the day.

Opting for street-parking is an individual choice, and it always represents a cost-saving, but choosing the right locale for street-parking is essential.