An academic who bought a Sunshine Coast property for about $240,000 has sold it for a fortune.
No.17 Queen of Colonies Parade, perched high on the headland at Moffat Beach, has changed hands for $7.4 million after the long-time elderly owner decided to part ways with it.
The 506sqm block with a house, including four bedrooms, two bathrooms, two car spaces and a pool, was sold prior to auction.
David Millar Real Estate sales consultant Dave Millar said the property was in a prime location.
“You’ve got great views over the entry to Tooway Lake and up to Dicky Beach,” he said.
“The frontages of Queen of Colonies Parade and McIlwraith Street are north-facing, which are very rare on the whole Sunshine Coast.”
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The home was built in the early 1960s before a scholar from Victoria bought it for about $260,000 in 1991, via Mr Millar’s father David.
It underwent a renovation in the late ’90s and remained in the same family’s hands for 34 years before eventually selling for about 31 times the purchase price on Friday.
Mr Millar said the new owner – a Brisbane businessman – was likely to keep the house as a holiday home and simply give it a freshen up, despite the allure of knocking it down to develop a lavish residence or apartments.
“The home is in pretty good condition: it’s not a fibro, falling-down beach shack,” he said.
“It will probably be kept as a residence. He (the new owner) is just going to give it a bit more love.
“You could probably live in it for 30 or 40 more years. It’s a very comfortable home and, with a bit more TLC, it will continue to be so.”
Mr Millar said Queen of Colonies Parade was now one of the most prized streets on the Sunshine Coast.
“A few doors down (from No.17), big units have been sold for $6 million to $7 million,” he said.
“It’s absolutely gold along the frontage there.
“Houses that are liveable in that street are very rare: there are only a few left.”
