Private islands, surrounded by turquoise waters and coral reefs teeming with marine life, have a price tag most can’t afford.
Key points:
- Five islands are on the market in Queensland for millionaire buyers
- There are hidden costs like annual rent, council rates, insurance and maintenance
- Some listings boast an off-grid lifestyle while others have built in business options
But for those of us staring down a summer surrounded by concrete and traffic – it’s nice to dream, right?
There are currently five private islands for sale along the coast of Queensland, with prices that can range from $1.75 million to $1 billion.
If your eyes are watering already, just know even the buyers who can afford one of these listings won’t own the actual island — it will be leased to them by the state government.
Most private islands in Queensland are leasehold, but owners can apply for renewal every 18 years and those applications are almost always granted.
An “entry level” island purchase might be Temple Island, south-west of Mackay, where a four-bedroom home sits on 8 hectares for sale, on the otherwise private 50ha island.
The owners of 30 years listed the island for sale in August asking $1.75 million.
Temple Island is subject to a rolling 20-year lease, which is due to expire in 2025.
A party island with a golf course
Millionaires who are willing to loosen their purse-strings further may consider Victor Island for $2.75 million, just north of Temple Island.
Kingdom Developments, a Sydney-based syndicate now in liquidation, bought Victor Island for $3.6 million in early 2022, but were unable to make repayments.
Since then, receivers have listed the 3ha island with a five-bedroom home and caretakers’ cottage for $900,000 less.
Wedge Island, a 9ha island in the same group as Great Keppel Island, is calling on interested buyers to make an offer.
It last sold for less than $500,000 in 2019, when it was well-known as a party island with a makeshift golf course belonging to a group of three mates.
Wedge Island doesn’t boast the same luxuries as other islands for sale.
Rather than a house it has a large, renovated shed that can accommodate eight people.
An extra $20,000 in rent
On top of multi-million-dollar purchase prices, Queensland’s lucky island buyers pay about $20,000 a year in rent to the Queensland government, as well as $2,000 in annual council costs.
And Richard Vanhoff, an island sales agent since 2004, said there were other costs to consider too.
“You’ve got your insurance of course, and depending on what insurer you’ve got it can be quite punishing,” he said.
“Maintenance is the only other cost.”
So who is buying these islands?
Mr Vanhoff said most inquiries for Wedge Island and Temple Island had come from southern states.
But for higher asking prices, sellers looked to investors internationally who meant business.
Pumpkin Island, a neighbour to Wedge Island frequently featured in beer commercials, has an asking price of $18 million.
The 6ha island, including five self-contained oceanfront cottages and two bungalows, is a popular eco-tourism destination.
Hamilton Island under ‘review’
In the heart of the Whitsundays and advertised for $30 million is South Molle Island, a former holiday destination that was battered by Cyclone Debbie in 2017.
Neighbouring the world-famous Whitehaven Beach, Whitsunday Regional Council hopes the island will be redeveloped as a tourist destination once sold.
South Molle Island offers a unique perpetual lease, as does the crown jewel of the Whitsundays —Hamilton Island.
Hamilton Island hasn’t been listed for sale, but a spokesperson said its owners, the Oatley family, had appointed a new leadership team, which was conducting a review to explore future opportunities for growth and prosperity.
“At this stage this review is ongoing, and no decisions have been made,” the spokesperson said.
Mr Vanhoff has been closely watching reports about the potential sale of the island.
“They’re calling it a billion dollars at the moment — whether its worth it or not, that will be determined under due diligence I’msure,” he said.
“It’s a big number, but it’s Australia’s premier island.”