trends in Brisbane property

Parking prices world class

If you’re one of the many people who believe parking in Brisbane is expensive you’re spot on.  We didn’t know exactly how it compared to other major cities throughout the world – until now.  Colliers recently released its first ever global parking report that surprisingly enough includes 3 Australian cities in the top 10 for monthly unreserved parking rates; Sydney, Brisbane and Perth, with Melbourne just outside at number 11 on the list. 

So where exactly does Brisbane rank?  In the top five!  London City wins (?!) at $1,167 followed by London’s West End at $1,136.  Sydney ranks third at $775 with Hong Kong following with a monthly rate of $742.  Brisbane rounds out the top five at $592, and yes it’s ahead of whopping big metropolises such as New York, Tokyo and Boston.  Not that we doubt the research – but we thought it’d be fun to call the USA and check out those New York carparks for ourselves because we happen to have an American work experience guy here to speak the lingo (he’s from the hood – yo what up?!). And yep, Mahmoud at the Regency Garage Corp on Manhattan’s Second Street tells us today that they charge just $414 for a monthly pass!

There are a couple of factors that are attributed to the high parking rates in Brisvegas.  Australia’s thriving resource based economy and surging currency (all rates are in US dollars) are the two most responsible for the boom.  Good news for parking is that even though Brisbane’s monthly parking rates are number five our daily parking rates are somewhere in the middle of the pack when compared to other major world financial centres.