A parking spot in Sydney’s CBD is now for sale at $400,000 — money that could buy a fleet of six brand new 3-series BMWs or roughly 27 first class return trips to London.

It’s also roughly the same price as a three-bedroom house with a garage in Western Sydney suburb Willmot, near Blacktown.

The gargantuan asking price makes the CBD property easily Australia’s most expensive parking spot on the market.

Australia’s most expensive parking space. Picture: Daily Telegraph

Situated in a residential building on Bond Street, the parking spot was listed last year for $330,000, but owner Terrence Chua has since bumped up the price by $70,000.

Lifestyle: Hot homes 45 minutes from the city

The parking spot is one of the few in the city that can park two cars, one behind the other.

It is being sold on a separate title, implying the future owner would not need to live in the building.

“Some investors have expressed interest in buying it,” Chua said. “Parking prices have increased a lot in the last year.”

Data from online parking sales portal FindaCarpark.com.au shows the average car spot in Greater Sydney is advertised for sale at $85,000, but spots in popular areas like the CBD and Bondi often sell for double that amount or more.

Website founder Francis Armstrong said Sydney’s parking prices are the most expensive in the country.

“Too many people have no choice but to drive in Sydney because the public transport is not advanced enough. It’s inevitable that parking prices are going up,” he said.

Parking prices have increased a lot in the last year

George Street, which Bond Street joins up with, is the country’s most sought after road to find parking, followed by Kent Street, further data showed.

Joining the Bond Street parking bay among the city’s most expensive car parks is a 15sq m spot in Potts Point for sale at $195,000.

This story was first published on The Daily Telegraph.