'Rare' shed in Victoria selling for $17.5 million
The true value of the property is all about its location.
This corrugated iron shed in Victoria might not have power, or running water, or even bedrooms for that matter, but it has been listed with an asking price of $17.5 million.
The true value of the property - which is more than 14 times the price of the median home in Sydney - lies on the 1,312 square metres of land it rests on.
Well, more likely what the land rests beside; Tideways Beach in the affluent seaside town of Sorrento.
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The block of land is worth significantly more than the median house price of $2,203,000, according to Domain's House Report for the September quarter.
In some ways it sounds funny considering there's no house there, but the "prized gem" that's "often sought but rarely offered" opens up significant opportunities to develop for someone not struggling with the spiralling cost of living.
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Rob Curtain and Patrick Sinn of Peninsula Sotheby's International Realty said the elevated beachfront tile "offers new development entitlements" however prospective buyers would need to get the plans past council first.
Aside from trees, the small shed is the only thing on the block of land, which is now open for expressions of interest. However, "ample visitor parking" is listed as one of its features.
"The famous Sorrento Sailing Couta Boat Club is only a short stroll and yet not wanting to leave this extraordinary home site is easily understood," the listing reads.
"This isn't just a block of land; it's an opportunity of a lifetime, a vision and a dream waiting to be realised."
Property values skyrocketing to record heights
Australian property prices are continuing to rise, and are now on track to hit record highs in the coming weeks.
CoreLogic’s latest Home Value Index (HVI) saw an increase of 0.9 per cent in October, accelerating from a 0.7 per cent rise in September.
The median price of a home is now $747,424 across the country. In Sydney, the median home price is $1,121,196, in Melbourne, it's $778,541 and in Brisbane, it's $770,575.
The biggest price increases were in Perth (up 1.6 per cent), followed by Brisbane (up 1.4 per cent) and Adelaide (up 1.3 per cent).
Regional areas are also growing but slower than their capital city counterparts, with values up 0.7 per cent for the month.
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