No record as Portsea boatshed fetches $553,000 at Australia Day 2015 weekend auction

The Shelley Beach, Portsea boat shed, listed with $500,000 plus hopes for Australia Day weekend auction, fetched $553,000 today. 

The first accepted opening bid was $400,000 though one attendee offered $245,000, but did not participate again in the bidding.

"It would be a bargain at anything like that ($400,000)," auctioneer Warwick Anderson said.

"We are on the market," he announced when bidding got to $510,000. 

There had been just the two bidders, with the third making his first bid for box 28 at $542,500.

Another boatshed on the beach set a record $585,000 in 2011 through the same selling agency, RT Edgar Portsea, when five families competed for the 2011 offering.

Title Tattle gathers today's successful buyer was an underbidder in 2011 for the neighbouring box 27.

At the final stage today, the late afternoon bidding in 28 degree sunshine was down to $1,000 increments.

Set well back from the beach amid tea trees, the 3.9 x 6.1 metres leasehold bathing box will be a place to store the buyer's beach gear.

Attendees were told there was no longer an obligation to own a nearby house, but Title Tattle gleans the buyer is local. 

The sand-coloured, rendered brick bathing box, S28 was listed through RT Edgar Portsea agents Warwick Anderson and Ilze Moran.

"There are no land tax issues, and not as much maintenance as timber would require" he advised.

Property Observer gleans the offering last sold in 1999 for $160,000, which would reflect 8% annual growth.

There was a crowd of about 100, most of whom had wandered down the Campbells Road path.

While falling short of the record, the price did suggest a floor in pricing.

In 2010 a pair of young families paid $455,000 for boat shed 21 on Shelley Beach.

In late 2007 there was a $362,000 sale.

It is one of about 40 bathing boxes on Shelley Beach.

There are about 2000 boatsheds and bathing boxes around Victoria, predominantly on the shores of Port Phillip Bay and Western Port.

There were slim pickings for cliff top/beachfront residential properties among the limited 2015 Australia Day weekend auction offerings, with the prestige offerings offered by private treaty this summer.

Property Observer has previously noted Shelley Beach is considered Victoria's most exclusive holiday locale as its offers cliff top owners uninterrupted northern views over the bay.

The median property price in Melbourne is $587,000, based on CoreLogic RP Data's home value index as at December 31, 2014.