Life's a beach house - if you can afford to spend upwards of $300,000 for one, that is.

They don't have running water, electricity, or even a title like a regular house. You can't live in them or rent them out. But beach boxes, or 'bathing boxes' as they're otherwise known, attract a pretty penny - and they could be a shrewd investment opportunity.

Tightly held, most beach boxes rarely ever hit the market. Some are passed down between generations, others sell quietly off-market. And while most people don't buy a beach box as an investment property, agents say they're a sound buy because they're iconic and extremely scarce.

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With values rarely ever going down, some beach boxes are commanding prices of a suburban family home.

"I actually think they're a great investment, but people normally don't buy them as an investment opportunity. Most people tend to buy them for their families to enjoy, and if they can make some money off the side then it's an added bonus," says listing agent at McEwing & Partners, Marcus Gollings.

"If you previously bought one thirty years ago, maybe for the first fifteen or twenty years you would have got a marginal increase, but now with property prices and everything else on the rise, and everything growing at such an exponential rate, the price of beach boxes have been going up as well.

Association Committee and past President of the Brighton Bathing Box Association, John Rundell bought his beach box for $12,000 in 1992. Nowadays, they sell in excess of $300,000. 

"Their value has certainly changed in recent years, they've grown as an asset incredibly and they're achieving some huge sales now, locally in excess of $300,000 to even $400,000 and I've heard of even bigger sales," Mr Gollings told WILLIAMS MEDIA.

"The fact they don't build too many of them certainly helps. But now they're proving to be not only a good lifestyle choice but also not a bad little spot to park some cash if you've got a spare few hundred thousand!" 

But even though Mr Rundell has certainly made a nice little cash return on his beach box, he says there's little point in parting with hundreds of thousands of dollars unless you're going to enjoy it.

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"An owner wants to use them rather than purchasing them purely as an investment - you can't rent them out so what's the point in buying an expensive shed on the beach unless you're going to use it?" Mr Rundell said.

The iconic beach boxes have a rich history dating back to the 1800's when women used them as changing rooms because it was considered 'indecent' to undress down to your swimmers on the beach.

Mercifully, we've come a long way since then, and nowadays you're more likely to see families enjoying them, says Mr Rundell.

Related reading: Designer beach box offers private and secluded bar for $150,000

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"People buy them for their families to enjoy and they tend to stay within families. Perhaps that's why the prices are so high - there's a limited supply. There are only 90 odd boxes on the beach and that means they'll stay within families - there will only be one or two that will change hands every year," Mr Rundell told WILLIAMS MEDIA.

Mr Gollings, who has sold a number of beach boxes over the years says they always sell well.

"Beach boxes sell pretty quickly now, they're quite popular as people are recognising them as a luxury item. They're very much a seasonal thing, however, we've sold a couple through our office over winter time this year. They usually tick away depending on the price, but more so in the summertime," Mr Gollings said.

"As far as maintenance goes, you would definitely want to keep the painting up as they're exposed to pretty harsh conditions down there, with not only the sea but also the wind and the sun.

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"But most people are pretty good with maintaining their beach boxes. They're proud to show them off by painting them in bright colors," Mr Gollings said.

Mr Rundell says the iconic beach boxes at Brighton are heritage listed.

"We did have some issues with the council wanting the beach boxes to be painted in heritage listed colours which was bizarre," Mr Rundell said.

"Bathing boxes are all about being painted brightly - if they were all federation green then everyone would be complaining!" 

You must be a local resident and ratepayer of the council municipality to buy a beach box.

"I suspect buyers would be foreign investors if that rule wasn't in place," Mr Rundell said.

Owners purchase what is essentially a lease agreement. While they don’t pay stamp duty or buy a title, they do pay an annual fee of $895 as well as council rates.

Related reading:

Designer beach box offers private and secluded bar for $150,000

Brighton’s iconic beach boxes for sale