Overpriced shed or cheap coastal real estate? Jane Barry reports.
Is this the most expensive box in Australia?
It sold late last year for $275,000, and comes with no water and no power.
But in a big nod to the adage that location is everything, the box is on the beach.
Victoria's Rye Beach, in fact.
The beach box sale sets a new record for the popular summer escape: an increase from the last local beach box high of $170,000.
According to a News Ltd report, Victorians spent more than $5 million last year on beach boxes, which are found along the coast from Port Phillip Bay to the Mornington Peninsula. One in Portsea fetched a whopping $585,000 in early 2011.
While the oldest boxes date back to 1862, there are also new boxes. Prices vary according to location. Take this new box on South Beach at Mount Martha. Yours for $200,000.