Parking price hikes

January 17, 2012, 6:18 pm James Thomas Today Tonight

When it comes to parking, Australian cities rank among the most expensive in the world, and car park operators say the Government is to blame.

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For workers forced to drive, the price to park in some areas of town has risen so high it's almost not worth going to work.

But the word on the street is that the Government is purposefully driving up the prices to combat congestion in the cities.

When a resource is scarce, people fight over it. And if you don't get punched trying to get your park, you are sure to be slugged when you pay for it.

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Parking rates in our cities have hit breaking point. In Sydney, Secure Parking charge up to $40 an hour for city parking, and for the day the same company charges $142 dollars for their nine hour rate at World Square car park.

That's more than some people's daily wage. In Melbourne you can pay up to $24 dollars an hour, and $88 dollars for the day.

Drop the car off while you get a sandwich at Emirates house in Brisbane and you'll pay $33 for the hour. The same company, Secure Parking, will charge you $70 at their Tank Street car park.

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In Perth, Wilson Parking will slug you $13 an hour at Central Park and $54 for the day at 306 Wellington Street. And in Adelaide the most you'll pay is $12 an hour in Coglin Street, or $29 a day at the Myer Centre.

And this is why tech wizard Gerard McLennan has developed an iPhone application to beat the car parking giants.

“We collect off our users their destination, their arrival time, and their departure time. We then search through early bird, special rates, and the normal rate card, and we'll sort the cheapest car parks and how far away it is,” McLennan said.

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In Sydney the cheapest rate for all day parking is $9 – and that is only 400 metres from the most expensive, which is $142.

The application can't come soon enough, according to NRMA spokesman Peter Khoury.

“There is no doubt that motorists are being ripped off by parking fees. They are far too exorbitant,” Khoury said.

The parking companies blame increased parking prices on Government levies of $2100 a year, which are placed on car spaces in a bid to push car drivers onto public transport.

“We should not be shutting the CBD out for motorists to be able to access. It's their city, they own it. Let's make sure we've got affordable parking for people to come in when they want,” Khoury said.

Not everyone is losing in the car park game though, and if you can't beat them, Melbourne agent Greville Pabst invites you to join them.

“There is very little that can go wrong with car park spaces,” Pabst said.

For between $30,000 and $75,000 you can buy a capital city car park, and Pabst says you can get a yield of six to seven per cent.

“In essence that return is a net return. You don't have all the outgoings associated with it,” Pabst said, and when you sell, you could make serious money.

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