Would you pay $8.5 million for this home?

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IS this the Sunshine Coast's most expensive home?

Industry experts and property agents believe the Noosa Sound house, which recently sold for just shy of $8.5 million, may have set a Sunshine Coast residential property record.

The sale may also herald renewed confidence in the Coast property market.

A Melbourne couple, who wish to remain anonymous, are the proud new owners of the Gustav Doneval-designed four-bedroom waterfront home, which includes three bathrooms, a powder room, separate office, artist's studio and media room among its charms.

Richardson and Wrench principal Jennifer Carr made the Witta Circle sale and while she acknowledged the home was “an unusual offering”, she said she was cautiously optimistic that confidence in the Coast property market was increasing.

“The market dropped in the last year, there is no disputing that,” Ms Carr said.

“What we are seeing now is the (sales) volume now picking up and prices are stable. I don't know that we can say they are shooting up yet, but they appear to have stopped dropping.”

While buyers in the market for an $8.5 million home are few and far between, Ms Carr said people at all ends of the market could take heart from the sale.

“People who have $8.5 million to spend, well they are not silly,” she said. “They have generally made their money because they are clever. So it does give us mere mortals the confidence to do the same.”

It is a sentiment echoed by the chairwoman of the Sunshine Coast branch of the Real Estate Institute of Queensland, Jean Hamer.

“I think something like that really says there are people out there prepared to buy good properties,” she said.

“There are a lot of people looking very closely at properties but who are a bit tentative about buying.

“Right now there are a lot of good properties with good prices and something like this could set a precedent that now is the time to buy.”

Ms Hamer said the record sale in Noosa could also prompt buyers in the million-dollar property market to consider waterfront homes in areas such as Minyama and Pelican Waters as being cheap in comparison.

“You can't make more waterfront and fortunately the people buying in Noosa see the value in waterfront properties,” Ms Hamer said.

“Smart investors are looking at that.”

Among the most expensive sales on the Coast were Andrew Young's Forest Glen property, which sold for $8 million a couple of years ago, and the $7.75 million sale of a Minyama Island home in late 2007.