Buying a private island in Australia is cheaper than you think

Buying your own private island in Australia is cheaper than you may think – but there’s one reason why it isn’t for everyone.

It may seem like an idyllic lifestyle but not very many people can cope with living on an island full-time.

Richard Vanhoff, a Queensland-based real estate agent specialising in the sale of islands, says around 60 to 70 per cent of people who own islands in Australia only live on them part-time.

“I think it’s important to do that. Islands will send you troppo,” he told news.com.au.

Mr Vanhoff, who lived on Hamilton Island for 18 years, said island fever was a real thing, something that can afflict anyone – even the “captains of industry” and other successful businesspeople who are the primary purchasers of islands in Australia.

Mr Vanhoff said most people who bought islands had been extremely successful in their business careers and were “looking for that next reward”.

The solitary nature of island living can get to people but Mr Vanhoff said there were plenty of people passing by in boats and so it was possible to make friends if people wanted to be social.

“They are generally like-minded people and people passing in vessels, and every island has a radio,” he said.

Mr Vanhoff said it was up to owners whether they wanted to respond to messages on the radio and invite people on to their islands. Some visitors are welcomed, especially if they offer to bring supplies from the mainland.

“Purchasing an island comes with a lot of new friends,” Mr Vanhoff said.

Buying a private island in Australia doesn’t necessarily mean you are on your own all the time.

How much does it cost to buy an island?

For Australians interested in island living, they generally need to be prepared to pay more than $1 million to buy their own patch of paradise – which is not that expensive considering the median house price in Sydney now exceeds that amount.

But it’s the other associated costs that buyers have to watch.

“You need to own your own boat and a lot of islands have runways now, and that often helps [with access],” Mr Vanhoff said.

He said most islands were easily accessible if you had a plane but some were not. However, new generation aircraft designed to land on beaches is making access easier.

He said his daughter Aleksia was part of a new generation of island visitors, who spent weekends flying to private islands, some that could previously only be accessed by boat.

“You land the plane on the beach and enjoy a Robinson Crusoe lifestyle, sleeping in a tent under the wing of the plane,” he said.

Some planes are now able to land on beaches, making island hopping much easier.

With many hectares of land to look after, living on an island also comes with a lot of maintenance. Luckily there’s not shortage of workers eager to work as caretakers.

“If you are looking for a caretaker for an island, you’ve only got to whisper it, and you’ll get swamped,” Mr Vanhoff said.

“There are so many good people out there that love island life and it’s a prestigious job and certainly a lot of interest in the caretaking or maintenance side.”

Some islands are run as holiday destinations and may require owners to have some knowledge of how to run and fix boats for guests to use.

As an example, Mr Vanhoff said Sweers Island, which is currently listed to sell for $3.95 million, would suit a group of friends who love fishing.

They would need to have experience in mechanics as there were eight separate boat motors to maintain.

“You have to have motoring experience and angling experience, to understand what lines you need to entertain guests and you’ve also got to be a bit of a restaurateur because you have got to feed them,” he said.

“So you need a group with multifaceted interest in mechanics and food to run the island.”

If you want an island life, you’ll need to know your way around a tinnie.

‘Bargain’ island for just $385,000

Not every island is expensive though.

One island, Worthington Island, in Queensland recently sold for just $385,000, although Mr Vanhoff said it was unusual for an island to be that cheap.

“It went very quickly to a Queensland family who improved the liveability and habitability,” he said.

Mr Vanhoff said the family bought a barge and a boat to make it easier to access and converted a packing shed on the property into a home.

Another reason it was so cheap was because there were only eight years left on the lease.

Mr Vanhoff said private islands in Australia were mostly sold as long-term leases, because those with freeholds – which can be sold like properties on the mainland – were fairly rare and expensive.

Many islands used as resorts generally have a “perpetual lease” of around 100 years.

For ordinary owners, it’s more common for them to buy with a “term lease” for around 20 to 25 years. These leases can be renewed with the government, or the owner can sell or surrender them.

Richard Vanhoff with his wife Narelle.

“Once you get used to the idea of leasehold, it’s as good as freehold. In Canberra all properties are sold as leasehold – but they don’t have a waterfront unless you are around Lake Burley Griffin,” he said.

While Mr Vanhoff is now living back on the mainland, he is considering retiring to an island.

“Somebody said to me, you’ve got to have one of the best jobs in the world. To be honest, it is the best job in the world,” he said.