K’gari is well-known for its pristine beaches, dingo population, rainforests, freshwater lakes and 4WD beach driving.
Seven investors battled it out for a K’gari (Fraser Island) house, smashing the residential sale record on Australia’s largest sand island.
K’gari, in Queensland, is well-known for its pristine beaches, dingo population, rainforests, freshwater lakes and 4WD beach driving, and attracts thousands of tourists each year.
High angle aerial bird’s eye drone view of four-wheel drive cars parked at Eli Creek K’gari (Fraser Island).
24 Stirling Castle Drive, Fraser Island sold for $2.65m.
The property, which sold for $2.65m, includes two self-contained residences — Grandview and The Sands, which together include eight bedrooms and five bathrooms at Orchid Beach, on the north of the island.
The house had been owned by the Elwood family for 13 years before being brought to market — they paid $1.05m for the 2143sq m property in 2013.
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A group swimming at K’gari. Picture: Sean Scott
24 Stirling Castle Drive, Fraser Island sold for $2.65m.
Ray White Mooloolaba & Kawana Waters agent Kirstin Cowie, alongside co-agent and auctioneer James Goldsworthy handled the sale.
Seven bidders registered to compete in the auction and six bid actively, with interest stretching from Western Queensland to the United Kingdom.
Every registered bidder on the night was an investor.
Lake McKenzie on K’gari. Picture: Mark Fitz
Mr Goldsworthy, Ray White Mooloolaba & Kawana director, said the result was a clear demonstration that investors are still moving decisively when the right asset is presented the right way.
“There has been a lot of noise lately about investors stepping back and confidence falling away,” he said.
This auction told a very different story.
“Seven investors registered, six fought hard for the property, and the buyer pool came from right across the country and as far as the UK.
K’gari Beach resort on K’gari.
“This was an online auction, but it was anything but remote.
“We had seven agents in the room working the phones, supporting bidders and helping people make confident decisions in real time.
“That’s what ‘We bring the whole team’ looks like.
“The Elwood family entrusted us with a property that has been part of their world for 13 years.
“Setting a Fraser Island record on their behalf is an outcome we are incredibly proud of.”
24 Stirling Castle Drive, Fraser Island sold for $2.65m.
Publicly available records show the previous highest sale on the island is 8 Eliza Ave, which sold for $2.1m in 2023.
The Stirling Castle Drive property accommodates up to 26 guests and generates close to $200,000 in annual rental income with 12 months of forward bookings already in place.
Orchid Beach is a tightly-held community on the northeast side of K’gari, the largest sand island in the world and a World Heritage-listed location.
24 Stirling Castle Drive, Fraser Island sold for $2.65m.
Properties in the area rarely come to market, and demand from holiday-let investors continues to strengthen, Ms Cowie said.
“K’gari is one of the great destinations on the planet and the rental market on the island is exceptional,” Ms Cowie said.
“Tonight’s buyers saw it for what it is, a rare opportunity to own a piece of somewhere irreplaceable,” Ms Cowie said.
“While the national commentary keeps telling investors to sit on their hands, the smart money is doing the opposite.”
PropTrack data reveals the median house price on the island is $430,000 with only 14 sold in the past 12 months.
The view from 24 Stirling Castle Drive, Fraser Island.
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