Worthington Island, Pool Island and Temple Island cost same as a house

It’s the ultimate status symbol, but the reality of owning your own private island can be a little different to what most ordinary Australians expect.

Those looking to buy their own slice of paradise might be surprised to find some island bargains on the market, with sales as low as $385,000 for Worthington Island, Queensland, according to agent and specialist Richard Vanhoff, which has facilitated these purchases for 18 years. .

He recently sold Pool Island in the Whitsundays for $1 million, a figure lower than the median house price in Sydney, which currently stands at more than $1.3 million.

Temple Island, off Mackay in Queensland, is on sale for $1.7 million

Sweers Island is currently under offer after asking $3.95 million

While some islands may be cheaper than expected, there are a range of other costs that island owners are expected to pay, so those in the market usually have money in their pocket to spend.

“If you buy an island for a million, it’s probably going to be in the range of someone making $3 million to $4 million a year,” Mr. Vanhoff said.

Sweers Island is currently under offer after asking $3.95 million while Temple Island is for sale for $1.7 million with a home already built on the land.

THE HIDDEN COSTS OF ISLAND OWNERSHIP

For those seriously considering purchasing an island, unexpected costs start with inspections.

“If the island is accessible by air, we will meet (a buyer) at Cairns airport, Rockhampton or Mackay, and if they have a runway on the island, we will take a light plane or helicopter there .” ..the best choice is of course a boat,” he said.

“It’s definitely at the expense of the buyer, otherwise I’ll probably go bankrupt for everyone I take there.”

Richard Vanhoff with his wife Narelle. The couple spent 17 years facilitating private island purchases

Temple Island on sale for $1.7 million with a home (pictured) already built on the land

While some islands may be cheaper than expected, there are a range of other costs that island owners are expected to pay, so those in the market usually have money in their pocket to spend (pictured , inside the house on Temple Island).

Then there are a variety of other costs that the island owner must incur, depending on the type of island you are purchasing.

Freehold islands, where the buyer actually buys an island, incur charges at municipal rates even if the owners do not have access to municipal services like garbage collection.

However, most islands are sold through leases, which guarantee the owner can hold the land for 25 to 75 years, and this results in rental costs that run into the thousands of dollars.

“Even if you buy the land, you still have to pay rent every year. “It’s not a good deal, but most island owners mitigate these costs by renting out the property,” Mr. Vanhoff said.

Then there are the general costs of maintaining homes built on the island, which can add up when you consider the wear and tear that buildings near the ocean are subject to.

HOW TO BUY AN ISLAND

While some island sales may take as little as 10 days to settle, most take longer to arrange.

This is because most islands cannot be purchased outright, but rather through a lease that ensures the owner can hold the land for up to 99 years.

If you’ve ever wondered how active the private island market is, Mr Vanhoff revealed that he receives around 10 calls every day from potential new clients who are considering buying their own island, but not all of them are serious .

For those seriously considering purchasing an island, unexpected costs start with inspections.

“That means we have to deal with the State Government and the responsible minister process because anything we transfer to another owner has to be approved by the Minister of the Department of Resources,” Mr Vanhoff said.

“It could take up to three to seven weeks, it depends on the availability of that particular minister and his team.”

If you’ve ever wondered how active the private island market is, Vanhoff revealed that he receives about 10 calls every day from potential new clients who are considering buying their own island, but not all of them are serious .

“However, most of these calls are pretty light hearted and just about people who would like to think they could buy an island and you get the odd $30 million coming into the lottery, which usually triggers a few more calls because someone ‘one told them they “I’m going to win,” he said.