Fluctuations in office vacancies across the country are affecting parking rates in many areas. Australia’s parking market reflects wider economic shifts, with city-to-city differences revealing where office markets are recovering – and where they’re still struggling.
Brisbane has overtaken Sydney as the country’s most expensive city for casual parking, with average daily rates of $80.84, according to Ray White Group. Vanessa Rader, Ray White Group’s Head of Research, said the high cost was linked to stronger office attendance.
“Brisbane’s office vacancy rate is just 10.2%, and we’ve seen positive take-up of space,” Ms Rader said. “That demand is supporting premium pricing.”
By contrast, Melbourne’s parking prices have gone backwards. Daily rates now sit at $64.43 – lower than they were in 2013 – which Ms Rader said reflected poor office conditions.
“Melbourne has the highest vacancy rate of any capital at 18.0%. That’s why parking operators have introduced the deepest early bird discounts in the country – 62.9% – to maintain cash flow,” she said.
Across the country, operators are adjusting their strategies in response to market conditions. In weaker CBDs, they’re offering significant discounts, while stronger-performing capital cities are seeing more modest incentives.
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