MELBOURNE - APR 14, 2014:Aerial view of Melbourne Victoria, Australia.Melbourne have population and employment growth with international investment in the city's industries and property market.

Bike Lanes and Residential Development Waivers Lead to Parking Shortage in Melbourne

City of Melbourne’s introduction of more dedicated bike lanes and parking waivers for new residential developments is causing a significant shortfall in Melbourne CBD parking. Due to this, inner-city residents are turning to online car parking marketplace, Parkhound, to satisfy their parking needs.

“There is certainly a growing demand from inner-city residents who need to rent parking where they live”, Parkhound Co-founder Rob Crocitti confirmed. “We are getting a lot of requests from city-dwellers who have purchased or leased a property in a new development that has limited or no parking” Mr Crocitti added.
The trend marks a significant shift since the introduction of new guidelines by the City of Melbourne five years ago. In 2010 Melbourne Council introduced a maximum, rather than minimum, limit on car spaces. One-bedroom apartments were no longer eligible for a car park; two-bedroom dwellings were limited to one space and three bedrooms to two.

“More and more developments are passing planning approval without providing any car spaces and we see this trend continuing” Co-founder Michael Nuciforo added. “City residents are a resilient lot though. They are either turning to Parkhound if they own a car, or using car-sharing schemes if they don’t.”

The inner-city parking shortage has been further exasperated by the introduction of new bicycle lanes in the CBD. Physically-separated bicycle lanes on St Kilda Road and Latrobe Street have cut on-street parking significantly. A further 175 car spaces have been removed on Elizabeth St between Queensberry Street and the Haymarket roundabout over the last few months.

About Parkhound

Parkhound is the Airbnb of parking and has developed an online community where members can easily exchange and lease parking spaces with other drivers. Property owners make money from leasing a parking space and drivers get a cost effective and hassle free parking experience.

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