A dedicated parking space is now considered a luxury item in many high-density areas, with new analysis showing it can add as much as $156,000 to the value of a property.

Research from Luxo Living compared property sales in the same locations, with and without private parking. It found that in the top ten suburbs where parking is most sought after, buyers were willing to pay between $149,000 and $156,000 more to secure a home with a parking spot.

The biggest premium was recorded in Newtown, Sydney’s inner west, where parking access could add up to $156,000 to a property’s price. New South Wales dominated the list, claiming five of the top ten locations where private parking carries a major premium.

Luxo Living CEO Winston Tu says the analysis reflects a shift in buyer priorities. “Parking was once considered standard, but in suburbs where space is scarce and competition is fierce, it has become an upgrade. For many buyers, it’s no longer just about convenience — it’s a sign of status and an asset in its own right.”

The findings suggest that in dense urban areas, securing parking can make the difference between attracting multiple buyers and struggling to sell.