Think outside the box this summer
If your dream of owning a beach house feels insanely out of reach, join the club. That’s why we reckon its time to consider a beach box. It’s an enviable investment and it comes with uninterrupted water views.
Take this place in McCrae on Victoria’s Mornington Peninsula. It has a big front deck and solar power so you can crank up the fridge and keep those beers frosty. What else do you need? Ok, you’ll probably need a toilet. Fortunately there’s a public facility 100-metres away. According to agent Mike O’Neill, what you get is a ‘licence to occupy the site’. You don’t own the land, or the sand.
Property in this part of Victoria doesn’t come cheap. With a price guide of $250,000 to $275,000, it’s actually kind of a bargain. Even in a softening market, these little gems hold their value. One just up the road from McCrae, in Portsea, just sold for almost a million dollars.
Back in 2015, the record price for a beach box on the Mornington Peninsula was $615,000. In the same year, ‘beach box 28’ in McCrae went for $239,000. Prices vary depending on how big they are, what the position’s like and whether you get a good view. Mike says it’s possible to get a site in Rosebud for $70,000 to $80,000. The further you drive along the Peninsula, the higher the prices go.
These shacks retain their value thanks to their scarcity. They don’t often change hands. So get in there, millennial mates. Sure it’s a glorified shed, but it’s an easy move when all you’ve gotta do is pack an esky.