Australians are being overcharged up to $6 billion (US$4.01 billion) for car spaces they don’t use, worsening housing affordability and parking availability.
A new study from RMIT University has found unbundling parking from new apartments could save people who don’t own cars tens of thousands of dollars and free up parking spots for those who do.
Lead researcher Chris De Gruyter says one in five households are paying for parking they don’t use while 14 percent of households do not have enough.
A single parking space can drive up the cost of a Sydney apartment by over $100,000 (US$66,900).
The problem derives from apartments being sold or leased with parking spots as part of a bundle, regardless of whether the new resident needs it….