A headland property with a humble cottage and jaw-dropping views has sold for $13 million, an incredible leap from its last known sale price.
No.7 McIlwraith Street at Moffat Beach attracted multiple offers, with developers and luxury homebuilders vying for the rare site.
The property, long owned by the same family, sits perched above a surf break with panoramic views in a tightly held enclave.
It’s understood the home last sold for $160,000 in 1986, which would mean it’s changed hands for 81 times its previous price. Another nearby property recently sold for 31 times its previous price.
Degn Real Estate partner Jason Degn said the location of No.7 McIlwraith Street was remarkable.
“I reckon it’s the number one spot on the Sunshine Coast,” he said.
“The view is unbelievable. I’ve never seen anything like it.
“From the back verandah, you’re looking directly over the surfers, just in front of the groyne at Moffat Beach, ready to take off on a wave.
“It’s 825sqm, which makes it more attractive. Some of the other blocks in that street are 500sqm to 600sqm.”
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The property was kept in the same family for decades before being sold by two brothers.
“Now, it’s time to move on. The market is pretty strong,” Mr Degn said.
“We had four offers around $13 million, so it wasn’t just a flash-in-the-pan sale. That was the market value.”
He described some of the interested parties.
“There were developers who wanted to build luxury apartments – single apartments over four levels – and they were quite aggressive.
“Then there were a couple of guys who wanted to knock the house down and build a really nice multi-storey home.”
The latter, investors from Sydney who are now based on the Sunshine Coast, were ultimately successful.
Mr Degn was unsure if they would live in the property, sell it or rent it out.
“They’re keeping their cards close to their chest,” he said.
Auction results
305/23 Cotton Tree Parade, Maroochydore
- Sold under the hammer for $2.015m
- 3 Bed, 2 Bath, 2 Car
- Ray White, Niall Molloy
15/10 Pacific Boulevard, Buddina
- Passed in at $1.9m
- 2 Bed, 2 Bath, 1 Car
- Ray White, Ryan Bradeley
81 Gloucester Road, Buderim
- Sold under the hammer for $1.365m
- 4 Bed, 3 Bath, 2 Car, Pool
- Ray White, Niall Molloy
2 Myrtus Street, Mountain Creek
- Sold at auction for $1.25m
- 5 Bed, 2 Bath, 4 Car
- Ray White, Will Van den Dungen
10/40 Alexandra Parade, Maroochydore
- Sold under the hammer for $620,000
- 1 Bed, 1 Bath, 1 Car
- Ray White, Ari Whisson
52 Gloucester Road, Buderim
- Sold under the hammer for $1.395m
- 4 Bed, 4 Bath, 4 Car, Pool
- Ray White, Gregory Ward and Zoe Byrne
2117/100 Duporth Avenue, Maroochydore
- Sold prior for $945,000
- 2 Bed, 2 Bath, 1 Car
- Ray White, Niall Molloy
10 Bright Street, Palmview
- Sold prior for $960,000
- 4 Bed, 2 Bath, 2 Car
- Ray White, Tully Thompson
243/19A Wirraway Street, Alexandra Headland
- Under contract, contact agent
- 2 Bed, 2 Bath, 1 Car
- Ray White, Pam Thomas
11 Bella Street, Landsborough
- Sold under the hammer for $943,000
- 3 Bed, 1 Bath, 3 Car
- Ray White, William Mitchell and Ryan Bradeley
8 Gleneagle Court, Buderim
- Passed in, contact agent
- 5 Bed, 4 Bath, 4 Car, Pool
- Next Property Agents, Richard Scrivener and Loren Wimhurst
