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Rising Brisbane parking costs rival SydneyConal Hanna
July 8, 2009 - 5:01AM
Brisbane is rapidly gaining on Sydney as Australia's most expensive city to park a car, according to a new study.

The annual global Colliers International Parking Rate Survey found three Australian cities were amongst the top 10 most expensive places to park in the world.

Brisbane finished in seventh place, behind Sydney (fifth) and ahead of Perth (ninth) in the list of cities based on monthly unreserved parking rates.

London was the worst city by far, with its City rates topping the survey, while the British capital's West End finished second.

At seventh, Brisbane was ahead of Tokyo and Zurich, but fell behind New York.

Last year, Brisbane finished in fifth place, ahead of the Big Apple.

The price of monthly parking rose five per cent in Brisbane over the past year, to $660.

By contrast, Sydney prices fell 11 per cent to $733.

In terms of daily parking rates, Brisbane suffered the biggest rise in Australia, up 19 per cent to $47.50 a day, compared to Sydney, down five per cent, to $55.

Brisbane was the second most expensive city in Australia in both categories.

Helen Swanson, Colliers International commercial research manager said the fact Brisbane prices had increased - compared to falls in Sydney and Melbourne - could be a positive reflection on the city's job market.

"The increase could be a result of a continued imbalance between supply and demand, with the office market remaining solid," she said.

"This will put pressure on commercial rents - if car parking is that expensive, it's more likely that it will have to be included within future leases."

Ms Swanson pointed out the Brisbane City Council-run King George Square car park had daily rates of $25, considerably less than the average detailed in the survey.
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