Sydney parking more expensive than New York

By Clancy Yeates
Updated November 5 2012 - 8:19pm, first published July 7 2009 - 10:14pm

Sydneysiders who park in the central business district pay even more for the privilege than motorists in global hubs such as New York and Tokyo, a new study shows.As the State Government raises parking taxes, figures show the typical cost of a month's paid parking in the CBD was $US587.72 last financial year, the fifth-highest in the world.Only London's city and West End districts, Amsterdam and Hong Kong were dearer, the property research firm Colliers International said.Taking into account a 110 per cent increase in parking levies from this month, the typical spot in Sydney rises to $US657 ($823), edging closer to the $US748.20 paid by Hong Kong motorists.The State Government raised its yearly charge on off-street, non-residential spaces in the city, North Sydney and Milsons Point from $950 to $2000 in last year's mini-budget.For motorists at pains to work out why Sydney spots are so pricey, it seems to be a downside of being an aspiring financial hub. Many of the most expensive spots are found in financial centres because the high demand for office space pushes up rents on all floor space.But while commercial property values in the city have fallen by a quarter because of the downturn, the cost of parking has decreased a more moderate 11 per cent, the study said.It is this relative resilience that has made parking spots a hit with investors.The president of the NRMA, Wendy Machin, said members often complained about the "exorbitant" cost of parking in the city."With little access to public transport many people have no choice but to drive," Ms Machin said. "That's why the NRMA wants to see more park-and-ride facilities constructed near train stations and bus stops."Although Sydney was the worst offender, the high cost of parking was a problem across the nation: Australia was the only country with three cities in the top 10. Brisbane motorists paid $US529.19 a month and Perth $US517.16 a month, the report said.For those who park in town only occasionally, the study said a typical unreserved parking spot cost $US44.10 a day, the ninth-most expensive in the world.The website says daily rates in city parking stations have climbed as high as $69. The northern end of the town and The Rocks are the dearest.

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