Boom time for New Brighton

Real estate agents are frightened to put a price on properties coming on to the market in Marine Parade, which runs along the seafront.

New Brighton prices are spiralling, especially for properties with a sea view, as the seaside suburb is at last recognised for its potential.

Trade union organiser Joe Davies and his partner, Kim Burridge, moved there about eight years ago when they bought a small property two blocks south of the mall for $82,000. Last week they were still recovering from the shock of selling it for $282,000 – more than twice the government valuation.

And it wasn't a fluke. While the pair were ecstatic about their good fortune, a property six doors away went up for auction on Friday. It, too, covered about 1000sq m and the government valuation was the same, but the competition was so great the knock-down price was a whopping $325,000...

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