You're a surfer. Did you get a piece before it all went nuts?
If you’ve been in the surf game your whole life, you had a front row seat to the coastal property boom.
Malibu, Rainbow Bay, Hossegor, Puerto Escondido, Burleigh Heads, Sunset Beach, Pupukea, even joints like down-at-heel Maroubra have soared beyond any sorta reasonable imagination. Your ol pal DR almost had to be revived early on Boxing Day after the beachfront joint he kept at Burleigh, selling in 2103 or something, had grown six-fold in price.
And, up there on Queensland’s Sunshine Coast, just north of Brisbane, there’s a place called Sunshine Beach where, well, you wanna check this out.
A pretty house with all the trappings of the nouveau riche on a little less than acre at 33 Ross Crescent, which last sold for 200 gees in 1987, has just traded for twenty-eight mill. Five beds, a cellar to keep the gimp in and a curved infinity pool overlooking the finely grassed backyard that slopes down to the sand. Oowee.
And it ain’t even the biggest sale there, another joint was sold for thirty-four mill almost three years ago, the suburb’s median price almost three million dollars.
Did you get a piece of the beach before the prices hit so hard ain’t no chance in hell your kids or their kids are ever going to own near the surf?
The beachfront shack I had at La Grav, and which I didn’t buy at two-fifty, now, three mill.
The beachfront apartment at Burleigh, two hundred, now a little over one mill.
The million buck attached house in Bondi, almost four mill.
Dreary old Suffolk Park, once bleak as anything, a suburban wasteland south of Byron Bay, now the hippest place among Australian surfers, two, three, four mill for the ubiquitous Palm Springs-styled mansion.
Question to the more financially literate among us: do you regard coastal property, real estate as a category even, as the best grower of personal wealth or is it for chumps and better to put your cash into stocks, vending machines etc?