Where parking lots are more expensive than houses

A parking lot in Melbourne, Australia, is set to be auctioned next month, and the expectation is that it will fetch almost A$1 million.

The A$920,000-A$980,000 price guide is just shy of the A$1.058 million median house sale price for the suburb in which it is located.

Real estate chief Dean Stanley, who is marketing the lot, said the 467sq m vacant block had been used by a neighbouring cafe as carparking.

The block is expected to become the site of a house or townhouses.

He said the cafe had adequate space for parking without the lot, and had decided to use the proceeds of the sale to further its mission to help people in need.

The business’s website describes it as “not your everyday cafe”, offering “employment and work-based training … to people who otherwise might find it difficult”.

Mr Stanley expected the property to be sought by home builders and developers.

He said it could become the site of a single house or two townhouses, subject to council approval.

“Vacant land is a rarity in the area,” he said.

“This also has easy access to Newport Lakes, shops and Newport station.

“And not having to demolish something will also mean the buyer can get straight into their build.”