$7 million sale shows the big end of town is moving

AT least 13 homes worth more than $3 million each sold on the Sunshine Coast last year in a sign that the stagnant top end of the market is coming back to life.

TOP SALE: The most expensive home sold on the Coast last year was Brinbara (above and below), a nine-bedroom mansion with sea views on nearly 4000sq m in Sunshine Beach. Picture: Contributed

AT least 13 homes worth more than $3 million each sold on the Sunshine Coast last year in a sign that the stagnant top end of the real estate market is coming back to life.

The most expensive home sold on the Sunshine Coast last year was Brinbara, an ultra-private nine-bedroom mansion with stunning sea views on nearly 4000sq m at the end of Webb Rd, Sunshine Beach.

It sold under the hammer for $7 million.

The next highest sale price was $6 million for a unit at Sandpiper in Hastings St, Noosa.

A four-bedroom, three-bathroom home in exclusive Witta Circle at Noosa Heads sold for $4.68 million.

All but one of the $3 million-plus sales were in Noosa Heads and Sunshine Beach.

The exception was a seven-bedroom, four-bathroom property on seven hectares on Coghill Rd, Buderim, which sold for $3 million.

Real Estate Institute of Queensland Sunshine Coast chairman Lloyd Edwards said properties over the $1 million mark had begun to move after stalling during the global financial crisis.

Mr Edwards said the top end of the market post-GFC was characterised by "sell-offs" - properties which owners had to sell because of financial pressures.

"That took us through to about 2010-11, and from then until the middle of last year, there wasn't a lot of high-end sales. They are starting to come back now," he said.

Mr Edwards said a stronger stock market, lower interest rates and the election of new local, state and federal governments had increased investor confidence in the property market.

He said the Noosa area was always the first to suffer during a downturn and the first to recover because it was dominated by interstate investment.

The Sydney market was going "gangbusters" which boded well for Noosa prices, he said.

"I reckon Noosa should recover in the next 18 months or so and the rest of the Coast will get a slow, steady, strong recovery, which doesn't sound good on paper, but that's really what we need," he said.

Originally published as $7 million sale shows the big end of town is moving