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.
