Six car bays in Sydney’s CBD have sold for millions of dollars

If you thought the cost of real estate in Australia could not get anymore unaffordable, a handful of car bays in Sydney’s CBD have just sold for millions of dollars.

Located within one of Sydney’s most enviable addresses, six car bays at 2 Phillip St went under the hammer for an eye-watering $3.65m.

The 85sq m concrete slab is located on the ground floor of The Quay, a 29-storey residential building just 150m from Circular Quay and within walking distance to the Opera House and new Quay Quarter.

The prime parking bays costing a soul destroying $600,000 each for 14sq m of space were sold by Collier executives James Cowan and Cameron Colquhoun.

The sale price was almost double a previous record for a car spot which sold for $304,700 in Bondi last year.

In 2013, the City of Sydney restricted carparking in the city to encourage people to use public transport and reduce congestion.

The restrictions led to limited parking and high costs in the city with off street parking costing drivers about $40 an hour.