Parking lot in Sydney sold for $123,900

A car space (front) that was sold at auction earlier this month for A$120,000 (S$123,900), can be seen in the inner-Sydney suburb of Kirribilli, Australia June 23, 2015.
A car space (front) that was sold at auction earlier this month for A$120,000 (S$123,900), can be seen in the inner-Sydney suburb of Kirribilli, Australia June 23, 2015.PHOTO: REUTERS

A 12 sq m uncovered parking lot was sold for A$120,000 (S$123,900) in Sydney - which works out to be A$10,000 per sq m for a rectangle of cement.

Some 60 people gathered to bid for the parking space at 29 Carabella Street in Kirribilli, north of Sydney, amid a scramble for space in Sydney, Australian property website Domain Group reported.

The nondescript parking spot had a reserve price of A$50,000 and attracted interest from neighbours and residents from the building next door.

The hefty price tag, however, comes with a harbour view.

Auctioneer Edward Riley told the crowd: "Whether you've got a Peugeot, Ferrari, Porsche or Ford, your car will have a fabulous view.

"You can even add value by sweeping the leaves from the corner and re-painting the lines."

Bidding for the space started at A$25,000 and quickly escalated to A$70,000 above reserve, closing at A$120,000 when the hammer came down.

It was bought by an investor who owns an apartment in an adjoining building.

kchitra@sph.com.sg