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Apartment prices boosted by car spaces in Melbourne

By Matt Hurlston

The availability of car parks at residential properties is a great bonus for occupants to have, especially those who commute to and from work every day. 

A recent article posted by the Real Estate Institute of Victoria (REIV) has revealed that one-bedroom apartments in central Melbourne that have a car park space were worth over $100,000 more than those without one. 

REIV chief executive officer Enzo Raimondo said the median price for an apartment with a car park was $416,000 for the year ending 31 March. On the other hand, those without a space recorded an average price of $313,250.

"It is clear buyers are prepared to pay a premium for car parking, despite the ready availability of public transport in central Melbourne," said Mr Raimondo in a 22 May statement. 

"This new REIV data also shows that both one and two-bedroom apartments with car parking space increased in value by around 4 per cent more than those without over the past 12 months." 

Potential investors looking into buying real estate in Bentleigh could find this information useful, and help plan for maximum capital returns in the future. 

Investing in Bentleigh property

If you're interested in buying Bentleigh property, get in touch with Matt Hurlston at Ray White Carnegie. His knowledge of the local market could be extremely useful for buyers hoping to move into the local market. 

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