A wooden shed with no power worth more than Melbourne's median house price.

If there has ever been a testament to the age-old adage "location, location, location", it's this Portsea boatshed. Boatshed 17 along Fisherman’s Bend Foreshore recently changed hands for the first time in almost 70 years at a price of nearly $1 million, proving that people really will pay up for location and exclusivity. 

When the Boykett family listed this boat shed after owning it for 68 years, buyers acted fast. After all, the last sale along the iconic stretch of Victorian sand took place back in 1991. Eight families made offers on the shed before one walked away victorious with a final price somewhere between $910,000 and $1 million. This price is believed to be a record for a boatshed in Victoria and is also significantly higher than Melbourne’s median house value of $780,130, according to CoreLogic.

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The shed was built in 1950 out of wooden crates used to ship cars to Australia from England and has no connections to power or water but does have its exclusive Portsea address.

Liz Jensen, the selling agent behind the record-breaking sale, said the family and agents would be celebrating the sale with a glass of sparkling mineral water at the boatshed. You'd think champagne might better compliment such a massive purchase but to each their own.

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