Updated: Jan 12
One of the more recent $million plus homes to sell in Mandalay Road - that I'm aware of - settled in November 2018 for $3.4 million. Click on https://goo.gl/maps/3d48AgZSaNR2 to see the place (it's the home furthest to the right in this view).
The property comprised a modest but pleasant one-bedroom beach house and garage, with a small pool. There was a newer extension that was built to provide guest quarters, on an area of land that was originally a tennis court. I'm not sure of the total size of the allotment, but it was relatively modest.
Whilst the home was on the waterfront, in this instance that translated into mostly mangroves and mudflats at low tide. The outlook was also quite limited, being south-westerly towards Airlie Beach township.
The amazing thing about this sale was that, although the property wasn't advertised, it sold within a day or two of the owner being approached by a local real estate agent.
Another nearby home (at 4/383 Mandalay Road) and in a similar price category was also bought in 2018 - it is described here.