Markets 
A new report has revealed Perth drivers are now paying almost $40 a day to park their car in the CBD.
Research released by Ray White on Thursday has found while drivers in 2013 could be expected to pay about $33.50 a day to park in the city, commuters in 2026 are expected to cough up $38.81 for the same privilege.
The most expensive place to park in the city is Wilson’s Central Park location, which will cost drivers a daily casual rate of $57, or $22 for one hour.
At the Wilson’s Barrack Arch parking lot at 256 St Georges Terrace, commuters pay $15 for one hour, or $55 to spend the day in the city.
In comparison, City of Perth’s ratepayer-funded parking lots will cost drivers $30 less, charging $8 for an hour, or $27 a day at their most expensive location at the Perth Convention and Exhibition Centre.
Ray White head of research Vanessa Rader said the casual day rate in Perth went up 4.49 per cent in the last year as a result of more people heading into offices in the city.
This data is based on privately owned car parks like Wilson.
“In terms of growth, if you compare 2023 to 2026, we see that Perth has grown more than 13 per cent whereas Sydney, Melbourne, Brisbane and Darwin are all cheaper today than they were then,” Rader said.
“This is a direct result of the softness of their office market, occupancy and general vibrancy. Sydney and Melbourne in particular were adversely impacted by a slow return to the office post COVID which saw parking rates fall.
“We can still see that play out today with Melbourne CBD parking rate currently still below 2013 levels as businesses struggle for full office occupancy – further exacerbated by the new state legislation regarding working from home coming into effect soon.
“Locations like Perth and Adelaide saw strong levels of take up of office space highlighting business expansion – albeit vacancy rates have remained high – which in turn has kept parking full and average daily rates increase.”
Many parking companies offer discounted rates for early bird drivers or people who book online or via an app.
But Rader said Perth’s discounts don’t seem to stack up compared to the eastern states.
“In terms of discounting, less discounting is on offer in Perth, at a similar rate to Adelaide compared to Sydney, Melbourne, Brisbane and Canberra,” she said.
“Also dynamic pricing and differing rates Monday and Friday compared to Tuesday to Thursday is not a feature of the Perth parking market.”
Perth’s online discount offers will typically see a 28 per cent reduction in fees, while the early bird price gets drivers on average a 41.8 per cent decrease.
Meanwhile in Brisbane, drivers can score a 54.8 per cent online discount and a 58.8 per cent early bird discount.
Early bird pricing at Wilson’s Central Park location will take the daily fee from $57 to $32, but drivers must arrive between 5.30am and 10am Monday to Friday to get the discount.
The research also found while CBD commuters in Perth were paying out of pocket, it was still significantly cheaper than parking in the eastern state city centres.
In Sydney the daily casual parking rate surged 5.5 per cent over the past year, meaning drivers now pay $81.26 for a spot in the city.
However Brisbane drivers are still known for the most expensive parking spots in Australia, topping its NSW rival at $81.72 per daily spot.
From our partners
Read the full article here
