At certain points in our lives, many of us have thought about escaping to an island. But it may surprise you to know that buying and owning an island in Australia is not actually that crazy an idea. In fact, many islands in the Whitsundays, for example, offer “everything you’d expect from a tropical paradise” without the hefty price tag.

“COVID-19 has sharpened the appetite for private island sales, particularly amongst buyers living down south,” Richard Vanhoff, owner of specialist island real estate company Private Islands told Commercial Real Estate.

Australia is spoilt by a myriad of tropical island paradises that savvy buyers are snapping up

There are many reasons to buy property in winter and the competition for buyers is decreasing with cost of living pressures. It may surprise you to know that, according to The Guardian, “The market for private islands has been “going gangbusters” since the pandemic”, which is further proof that quite a few wealthy people have more money than sense and are only too keen to explore innovative ways to spend it.

This year, several islands have gone to market for the same price as small units or houses in our major cities

Furthermore, buying an island is a pretty sound investment too. Properties in the Whitsundays rose by 25% last year and with privacy a key motivator for the wealthy, the concept of buying an island becomes even more attractive.

Properties in the Whitsundays rose by 25% last year

However, self-imposed isolation is not for everyone and it is all fun and games until you run out of life's basics - as anyone who has watched the TV series Alone knows. Hence, good planning is crucial and it may be wise to ask yourself first if you're truly cut out for the hermit lifestyle and if your island can actually sustain your body's most fundamental requirements. Communication is obviously another important consideration because, if my limited island holiday experiences are any indication, islands can be a bit hit-and-miss when it comes to decent WiFi.

So where are these “affordable” islands?

Located off Queensland and on the doorstep of the Great Barrier Reef, the Whitsundays are renowned for their stunning natural beauty, which has always made them a popular destination for local and international tourists alike. 

Described as “Everything you'd expect from a tropical paradise” and “A feast for the senses”, recent islands on the property market have included Victor Island, near Mackay, with 3.14 hectares and a 4-bed furnished beach house - which hit the market in May of this year for an asking price of around $3.5 million. And prior to that, Poole Island, with two properties and a private runway, sold for under $1 million, Paradise Bay Island sold for just under $1.5 million, and even a cattle station close to the Barrier Reef was recently listed.

Islands have their own unique selling points  

Obviously, islands have their own unique selling points, so buyers should consider the practicalities of island living before they dive headfirst into an impulsive purchase surrounded by perfect turquoise water. There are some notable differences to purchasing property on the mainland which makes good research invaluable.

Buyers might want to consider:

1. The length of the lease – Many of these islands are owned by the Queensland government and are leasehold. In general, leases run from between 20-99 years.
2. The island's infrastructure and access - Fortunately, the Whitsunday Islands are relatively easy to access from the mainland, nevertheless, hopping on a boat is never as easy as popping to the local shops by car. Living in such a seclusion requires greater organisation and planning skills.
3. Communication – Checking the speed of the Internet is probably a good plan unless the idea of living off-grid appeals to you.
4. The isolation – As many experienced survivalists have found out on Alone, the scariest thing about living by yourself is that you must live with yourself. Although the Whitsundays aren’t as remote as the Tasmanian wilderness or Antarctica, transport is inevitably trickier for visitors, friends, and family.
5. The landscape – Islands further north throw up other considerations in relation to their location and climate. With extreme weather conditions predicted to worsen, cyclones are a concern, as is the slow migration of some of Northern Australia’s most dangerous wildlife, including Box and Irukandji jellyfish and saltwater crocodiles.

Are you thinking about buying off-market? 

For extra support with your off-market purchase or sale, our Buyer Assist and Seller Assist services give you the opportunity to work with one of our fantastic team members, with their insider knowledge about the latest off-market and “secret” listings, access to information unavailable to the public, and requisite experience and expertise to remove a large chunk of your stress. 

Listing Loop is a marketplace for off-market and pre-market properties for sale but we’re also an end-to-end property transaction platform helping to remove friction from the buying, financing, and selling processes.

For those buyers who require extra support, for a small fee, our Buyer Assist service provides them with the opportunity to work with one of our buyer’s advocates, who, not only have access to information unavailable to the public but also the requisite experience and expertise to remove a large chunk of the stress from the buying process.

We can also support you with refinancing through our sister company, Lending Loop.

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