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Melbourne apartment values boosted by car parking

By Jamil Allouche

In the event that you're an investor who owns apartment real estate in Brunswick with a car park, you could be interested to know that this feature could have added over $100,000 to the value of your property. 

A recent article from the Real Estate Institute of Victoria (REIV) has highlighted that apartments in Melbourne that have a car park are worth significantly more than those without.

REIV chief executive officer Enzo Raimondo said the median price for an apartment in central Melbourne with a car park was $416,000 for the year ending 31 March. On the flip side, those without one recorded a median price of $313,250 over the same period. 

"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." 

Armed with this knowledge, prospective investors looking to buy property in Melbourne could factor this into their plans and build the strongest portfolio possible. 

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