Reef View House on Hicks Island is on the market for almost half the original price expectations

A two-storey home on a Queensland tropical island that counts Justin Hemmes as a neighbour is back on the market with its price slashed to $600,000.

Reef View House on Hicks island, 600km north of Cairns, is back on the market.

A two-storey house on a tropical island in Australia's far north is back on the market for less than the cost of an average suburban home after a deal to buy it fell through.

The price expectations for Reef View House on Hicks Island have been reduced from $1.1m to around $600,000 for the 4000 sqm beachside property.

There are two other homes on the 160ha island and two development sites owned by hospitality billionaire Justin Hemmes who has a share in the nearby exclusive Haggerstone Island resort, 600km north of Cairns.

The view from Reef View House on Hicks Island.

Private Islands Online’s Richard Vanhoff said Reef View House was under contract for the past six months but due to unforeseen circumstances, the agreement with the previous buyer was withdrawn.

“As a result, we are now offering this exceptional property at a price significantly lower than the original listing,” he said.

“This exclusive offer includes not only the beautifully furnished home but also two boats, a range of landcraft, and all accompanying recreational equipment.

“Hicks Island itself boasts a new 30-year lease from the Queensland government and sits on the water’s edge of the iconic Great Barrier Reef. Additionally, Hicks Island is equipped with an 800m private runway capable of accommodating most light twin-engine aircraft.”

The property is zoned commercial/business and who ever buys Reef View House can hire it out with no restrictions.

Hicks Island is one of the Great Barrier Reef’s natural and well-known fishing locations within Australia’s most northern point.

Inside Reef View House on Hicks Island.

Reef View House has all of the modern features with ample water supply and electricity.

The vendors recently spent over $40,000 installing a new 42V Solar power system with diesel generator backup.

The house has six large rainwater tanks and there are also three freshwater dams on the island.

The home has a tropical orchid garden, there is also an orchard on the island that is for use by all shareholders.

Originally published as Reef View House on Hicks Island is on the market for almost half the original price expectations