Source : the age
A Mount Martha beach box has gone toe-to-toe with Portsea prices, selling for $1 million in cash after 48 hours on the market.
Boat shed 26 on South Beach transacted for $350,000 more than its guiding price, following interest from five parties – all rate-paying locals.
The buyer paid cash shortly after the listing went live on April 15, forking out a sum only $35,000 shy of the Melbourne median house price and setting a Mount Martha record for a boat shed.
Typically, banks will not loan for boat sheds (sometimes called beach boxes), given they are not residential and allowed only for storage.
It makes the payment of $1 million in cold, hard cash all the more extraordinary.
Melbourne’s median house price stands at $1,035,887, according to Domain’s House Price Report for the March quarter, making this beach box one of the state’s most expensive addresses when measured by price per square metre.
The Mount Martha beach box one of the Victoria’s most expensive addresses when measured by price per square metre.Credit: Domain
Still, in Portsea, a seven-figure deal for a boat shed is not out of the ordinary.
Portsea has long been considered the premier boat shed market, achieving untouchable prices – until now.
The South Beach boat shed agent Alex Corradi of Danckert Real Estate said the assets were an extension of the luxury homes that sit above the foreshore.
The shed was in a position that spurred buyers to dig deep, and he had a waiting list, Corradi said.
The buyer paid cash shortly after the listing went live on April 15.
Credit: Domain
“It is at the southern end of South Beach, and it is quite rare for a boat shed to come up for sale at that end,” he said.
“They only transact once every few years. I had multiple interested parties, and it got into a bidding war.”
Corradi sold the shed to the vendors 10 years ago, in the mid-to-high $300,000 bracket.
Boat shed 26 on South Beach transacted for $350,000 more than its guiding price.Credit: Domain
“They rebuilt the shed not long after they bought it, and it was well sought after even when they purchased it, and prices have kept going up,” he said.
The record for a Victorian boat shed was $1.2 million paid in the summer of 2024 on Fishermans Beach, Portsea. It was a component of a larger deal, sold with a house, through RT Edgar.
The agency has another Portsea beach box for sale – number 28 on Shelley Beach – for $910,000 to $1 million.
Listing agent Warwick Anderson said Fishermans Beach boxes were more limited than other locations, and this is where the biggest money is spent.
