Cryptic Parking

Parking in Leederville this afternoon, I was puzzled to see their new signs. Can you work out what this one means?

My first assumption is that for times not listed on the sign, no restrictions apply. So from midnight to 7am, anything goes. But what happens between 7am and midnight? The tricky part is the time that overlaps between the top and bottom signs - between 7am and 7pm. Which restriction takes precedence?

Answers on a postcard please.