Family that bought cliffside property for $13,000 sells it for $6.72m

A decades-old headland beach shack has been sold for an area-record price at auction.

No.29 McIlwraith Street at Moffat Beach was acquired for $13,000 in 1972 and remained in the hands of the same family before it was sold for $6.72 million this month.

The cottage they built on the site will make way for a lavish home.

David Millar Real Estate principal David Millar said the 506sqm site was in a prime position and it attracted the attention of many prospective buyers.

“The three-bedroom A-frame beach shack is reasonable with a modern enough little kitchen, but it (the appeal of the property) is the location and the land,” he said.

The property is approved for medium density, so apartments could be built there.

But the new owners are unlikely to do so.

“They are local businesspeople who intend to build a luxury residence,” Mr Millar said.

The property listing billed it as a “rare gem” with “unparalleled ocean views, absolute frontage and a coveted north-facing aspect”.

The Moffat Beach headland has become one of the most prized locations on the Sunshine Coast, with stylish homes and apartments now dotting the top of the cliff-face.

“There are now only a handful of (older) residential houses left in the Queen of Colonies Parade and McIlwraith Street area that are suitable for redevelopment,” Mr Millar said.