Melbourne CBD Price Hike

It’s no secret that parking in cities and business districts is a struggle on a good day. Currently, the prices of street parking differ significantly in each state. This year, the government is attempting to level the playing field, increasing parking fees in order to match other cities in Australia. This latest change is impacting Melbournians.

Street parking has increased by $1.50 an hour in main precincts such as Elizabeth and Lonsdale Streets, leaving Melburnians to pay up to $7 per hour in areas of the CBD. Suburbs outside of the CBD aren’t exempt from this increase either, with parking spots rising to $0.80, forcing residents and visitors to pay between $1-$4, depending on how long they decide to park for. This adds up to a significant amount, which means that commuters and motorists could be spending up to $67 a week on parking.

This is following a drop in parking spots available to locals and visitors alike, which has decreased the amount of revenue that the government has received. In order to make up for this loss due to the limited space they have, the government has increased the parking fees. This loss of spaces is presumed to only get worse as infrastructure will be replacing many of the parking spaces and car parks in and out of the CBD. In addition to this loss of parking spaces, the Government has said that “an increase has been well and truly justified” as it has been 5 years since the last rate was set.

This increase has put Melbourne in line with Sydney’s parking rates, which adds further justification to the rise. In the annual budget that the Melbourne City Council drafted, they are expecting to spend up to half a billion dollars in the next year. It has also been estimated that the parking meters will bring in $52 million in revenue, almost $6 million more than the last financial year. This annual budget has also included the building of more roads for motorists, public transport and cyclists as well as car share services and the new Metro Tunnel which is a significant part of the reason why many of the existing parking spaces are being knocked down to make way for these new developments. The meters will also be upgraded, with the operation costing approximately $1 million and will streamline the parking process for commuters and motorists.

If you’re struggling with finding parking spaces around your local area or business district, check out Parkhound. With thousands of spaces around Australia, you’ll find a parking spot to suit your needs. Get in contact with the Owner of the space and figure out any special details you might have concerning entry or access. Find your perfect space and safe parking!