‘Future proofing’: single car garage with power sells for $500k for EV use

It has just four walls, a roller door and access to power — but that didn’t stop a garage in one of Australia’s most expensive suburbs from attracting a whopping price.

An “oversized” single-car garage in Sydney’s eastern suburbs has sold for an incredible $500,000 in an off-market sale.

The garage on Roslyndale Ave, Woollahra was never publicly advertised but managed to sell for the price of some apartments, with multiple buyers competing for the lot.

Selling agent Davide Talone of The Agency Woollahra said lone garages seldom came on the market.

Multiple parties interested

“It’s rare, the fact that a garage is being on-sold. The reason why we don’t see them available as often is because they’re so valuable to everyone that they don’t sell them,” he said.

“Everyone that saw it we knew prior to getting the listing. To create more competition we then approached all neighbouring properties by door knocking and letterbox dropping, which we believe was quite successful. We had multiple parties interested and that enabled us to get the eventual price.”

He said the buyer would likely use the garage for EV parking.

“They’re mainly future proofing where the automotive industry is going, with having everything fully electric.

“There’s power within that garage.”

Investors keen

Alex Dharma of Citiwise Property is selling two garages within a complex at 33 Bayswater Rd, Potts Point.

He was stunned to hear of the $500,000 sale in Woollahra.

He said buyers in Potts Point were mainly looking for garages and car spaces as investments.

“I’d say 85-90 per cent of buyers are thinking they want to invest,” Mr Dharma said.

“Having said that, we think these would suit an occupier, somebody that wants to have their own car space or garage when their own apartment doesn’t have one.”

One of the garages in the secure carpark has its own partitioning door allowing the spot to be locked, while the owner of the second garage will add a partition once the space is sold.

The garages have expectations of $115,000 and rental return estimates of around $330 per month.

Mr Dharma said there were many old and new apartment blocks in Potts Point without off-street parking set to come on the market and expects demand for car spaces and garages to grow, however there is currently very little supply.

This article originally appeared on view.com.au.