Beach frontage adds $6,000 per square metre in Brighton
The price difference between Brighton beachfront and the not so-back blocks works out to be about $6,000 a square metre, according to weekend auctions.
Brighton notched up the weekend’s biggest sale when $6.05 million was paid on the beachfront property at 2 Mytton Grove, Brighton (pictured above), when two bidders competed after the $5.9 million reserve was met at its RT Edgar auction.
It worked out at $9,869 per square metre given it’s a 613-square-metre block.
Mal James from James Buyer Advocates suggests the price per square metre was “almost identical to previous absolute beachfront square metre rates over the past year.
“They have maintained themselves in the last year and increased on previous high water marks,” James adds.
On nearby Moule Avenue, number 8 (pictured above), a classic Golden Mile address but not absolute beachfront, also sold at weekend Buxton auction. It was originally designed and built as the home of mid-20th century architect, Ronald "Tiger" Lyon.
Its $2.31 million price reflected $3,510 per metre.
“Brighton golden mile beachfront – these are four words that mean money,” James notes.
“In recent times that has meant $8,000 to $10,000 per square metre – at least at the northern end.”
Source: James Buyer Advocates
He suggests the $3,510 per square metre was not too far off previous Golden Mile square metre rates.
Of course, 2 Mytton Grove has three storeys, whereas 8 Moule Avenue has one.
