Nila Sweeney

Increased parking taxes make it cheaper to risk an $86 fine than pay to park for more than three hours in Sydney CBD.

Parking in Sydney costs up to $35 an hour or $142 a day, making it the fourth most expensive place to park in the world after London, Oslo and Tokyo.

The Australian Hotels Association of NSW is asking the NSW Government to review a parking tax which is pushing up the price of per car space to $2040/year for hotels, councils and commercial carparks.
Calls for state tax reform follow a recent price hike by the Sydney City Council, which approved a 17% rise in parking rates.The council is raising meter rates from $6 to $7/hr in Haymarket, Surry Hills and the south CBD to keep pace with expected increases in off-street commercial parking rates and increased demand. Council-owned car parks are preparing to hike rates by 12% – up to $58/day or $8/hour.

By comparison nationally, Melbourne and Brisbane have a maximum rate of $4/hr for CBD parking, while Perth is $3.30/hr and Adelaide is $2.40/hr.

Daily commuters to the CBD can find deals on which finds and compares car parks closest to your destination. It even offers a free app for the iPhone or iPod Touch.

But if you’re just looking to nip into the city quickly you can park for free for 30 minutes at HSBC’s Wilson Parking. On Saturdays, you can park for up to two hours free at the Chifley Tower.

*Tip: Hybrid owners could save $100/month under a new Sydney council proposal which would give eco-friendly vehicles a break at parking stations and on city streets

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker