Totally tropical waste
A few years ago, a tropical island at a knock down price would likely have been snapped up fast - but the credit crunch has meant that a series of island retreats off the Queensland Coast of Australia are failing to attract buyers, despite their bargain price tags...
Fancy living a Robinson Crusoe lifestyle with a few luxury touches? It may sound like an impossible property dream reserved for royalty or celebrities, but owning your own tropical island isn't as implausible as it once was.
The global financial crisis has driven down the price of tropical islands in Australia, creating big bargains for those looking to get away from it all.
A tropical island is to many the ultimate Australian experience, with beaches, swaying palm trees, crystal sea waters, coral reefs and a relaxed vibe.
Now, the credit crunch has meant that the interest in islands has fallen, with buyers reluctant to snap one up, even though some are at bargain prices, due to the cost in maintaining them.
As tourist numbers have also fallen in line with the downturn, owners of islands are finding it harder to make money out of holidaymakers. Once popular luxury resorts, the tropical islands are now regarded as too expensive and holidaymakers are staying away, despite discounts of up to 30 per cent being offered at some resorts.
Of the 30 Queensland island resorts currently up for sale, a third have been discounted, but there is still little interest from buyers.
Industry sources say that they remain over priced and will be hard to shift in the current climate even though most of the islands are selling at 50 per cent less than they might have sold at two year ago.
Turtle Island, which is up for sale through Coldwell Banker Capricorn Coast estate agency, sparked Hollywood star Julia Roberts' interest a few years back but eventually sold to another buyer and is now up for sale again.
The island, which comes complete with mansion and helipad, is now available for ‘any reasonable offer' down from an initial asking price of £4.5 million.
Long Island has also had a price cut to almost half - and is currently on the market for £2.3 million.
Wilson and Heron islands are expected to sell as a pair for as little as £10 million despite being valued at £24 million back in December 2007.
The only recent sale has been Little Green Island, which was recently purchased by a New South Wales based wine family for £2 million.
Picture by melalouise