Perth Have, Fremantle Have Not

Just looking at a couple of new developments, between Perth and Freo, a difference that’s you see straight away is parking.

no parking arrows

South of the Border

Now we have heard the argument made by Freos Mayor on a you tube post, that living in the CBD areas you don’t need a car and if you don’t intent to leave the CBD that’s possibly true, so I guess that also means friends that come to see you have to pay for the privilege. Also due to the cost of building parking reported to be up to $50,000 per car bay, you think you would get an apartment cheaper due to the huge saving by not having a parking bay built?

So looking at this development in Perth on Lord St 2bed, 2 bath, 2 car bays, in a nice looking apartment low density development, lots of in house facilities with easy access, to Northbridge, East Perth, Perth, train hub etc. So in this location you would possibly need a car less than Freo, with number of services available, yet they offer two bays.

Further I wonder if they would charge $100,000 less if it came with no parking spaces? That’s about a 20% discount? Not bad.

Thinking a little more which apartment would give you a quicker capital growth or return, one with parking bays or one without?

If you had a bay, you did not use, it could be a revenue generator by letting it to someone who needs one?

When you go to sell what attracts more buyers, 2 beds, 2 baths, 2 car bays, or the one that has, 2 beds, 2 baths,  0 car bays?

Then this week I heard a discussion about electric cars on 6PR, strangely there is a need to put electric car rapid charging points scattered down the road going south to Augusta, guess you will only be able to go one way, (follow the supply of chargers) and if u live in the CBD you can’t go down south as you don’t have a car.

So one day we don’t need cars, the next concrete caused by cars is covering Perth now we need to build charging stations, meaning more concrete and cars which we can’t park? Following??? Its very clear, no mixed messages here?

I also read today that across Australia there is approx. 1000 electric cars, I wonder how many are in Perth and how often they go down south, I guess this is not a commercial arrangement, but rate or tax payers funded money yet again?

So it begs to question how many electric cars do we have in W.A. and how many want to drive down south? You think with the miniscule up take and the rapid advances in technology we would be better to wait for 5yrs or so and a wait till its commercial viable? I guess it will be rate or taxpayer money being used, so no matter right, that’s what we are for to fund, peoples social experiments and ideology?

Personally I think the new Tesla looks great if I had a cool $120,000 spare I would have one tomorrow, if they were available and I knew I would have somewhere to park it?

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  1. Diana Ryan says:

    Well now, you are remarkably well informed, Mr Woodcock!

    Re electric cars, Elon Musk (Tesla EVs – and just about everything else billionaire) announced in 2014 he would build the new gigafactory – largest and most advanced battery factory – and also release any intellectual property Tesla develops free of charge to the world and all of this is designed to lift the penetration of EVs.

    Tesla hoped for sales projections of 500,000 by 2020, and definitely helped by the release of the Model 3 – at the more accessible price of $35,000 (USD).

    Then the price of oil plummeted, and Morgan Stanley slashed Tesla’s hoped-for sales forecast to less than 300,000, and the market changes here may mean the Model 3 will end up closer to 60K in price.

    I definitely wouldn’t count Elon Musk out, and Morgan Stanley still recommends buying Tesla shares. Did the RAC pay for the fast charger to go in to Freo, as apparently it will for the other councils involved in the electric hwy?

  2. There was an article during the week regarding the City of Perth cracking down on people letting out their unused car spaces in the City for between $50 and $80 a week. Subsequently as this is generated income it should potentially increase the value of any investment property by at least $65,000 on a standard rental of $50 a week with a yield of 4%, beyond what a property has without a car-parking space.

    Either way, it should be a matter of choice for developers and buyers to have or not have car parking bays. Let the market decide. Rather than have councilors, with no real estate experience or ownership making decisions based on their political philosophies.

    It shouldn’t be a requirement of government to say you should or you shouldn’t have parking. But the reality is, 99% of people have a car and they need to park it somewhere and governments and councils need to administrate accordingly. If councils make it so people don’t need a garage, or a requirement to mark on their own property, people will park cars on the street. Then the councils will put up signs on the street stating limited free parking. Sounds like whats happening in Fremantle.

    • Diana Ryan says:

      Fascinating issue this one – if the bays are available I say use them! However, how does one monitor this situation, ie, this is undeclared taxable income for a start. Would investors start to leap on it, ie, one bay for their tenant, another to be leased out? Not what I would call “disruptive technology” this one, but it would surely need to be monitored for the undeclared income aspect alone. Perhaps its only a matter of time.

  3. freoishome says:

    People are buying units with car parking spaces, only to rent them out again as there they have no need of them! Yet the argument here is we need more NEW homes with a greater number of car spaces. Homes with a greater number of car spaces are more desirable than those without. This argument is more confusing by the day!

    • Mark says:

      Its not just to park a car, could be a place for a trailer, boat, jet ski, used as storage for sporting gear, canoes, kayaks, sailing gear caravan, camper, etc, etc. I don’t think the argument is too increase car parking bays its to keep the status quo.

      • freoishome says:

        If the whole of Freo’s house stock was to be reduced to minimal car parking between now and 2020, I think you would have a very good case. But that isn’t the situation, or even close to it.
        The planned increase in house stock within City Ward is going to take a significant amount of time, decade at minimum. It won’t impact the existing stock, so at least 50% will remain as is in the City Ward.
        In the main residential suburbs of Freo, the planned density increase is going take many decades to materialise, and even then won’t be close to City Ward. Unlike City Ward, these are the areas which don’t have ideal public transport, and will be more car dependent for longer.
        It just seems to be making a mountain out of a molehill, scare mongering on Hanssen’s behalf.
        The ad for 2bed/2 car spaces, actually say’s “most will have 2 car spaces”. What is far more critical about buying such places is the quality of the layout, noise, smoke pollution and being overlooked from neighbours, as the latter seems far more important to long term residents. It is high risk buying apartments from drawings alone.

        • Mark says:

          The issue could be for future sub-divisions if the limits are placed on blocks to be split that could impact people ability to sub-divide, sell etc.that’s why the final details in things like the housing diversity policy will be interesting, then the parking policy for people in areas where they have always street parked. Its not just one policy but total effect of combined policies that could seriously impact us, we have to be vigil to what is going on.

    • Diana Ryan says:

      If its true what they say, Paul, that people move houses on average every 7 years, then a lot of people would not want their re-sale of that home’s prospects crimped, ie, 2 bed, 2 bad unit, no parking would have a reduced re-sale market – and it doesn’t matter who you are, most would not like that. Virtually every ad trots out the availability of parking situation.

      BTW one of the younger post grads/staffers at CUSP mentioned, in expressing her anger at having to move with the institute to Curtin’s Bentley campus, that she wasn’t happy about having to travel so far by public transport. I’m curious, Paul, and I think this would be an excellent case study to observe how people’s choice of transport changes over time – do you know how the staff, students of CUSP now get to Bentley?

      • freoishome says:

        Diana, Re: Freo based CUSP people travel habits to Curtin. I don’t have an answer and am intrigued as you. I know some do still use their bikes and some use the bus, but it would be interesting to get the full picture.

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