Queensland has become one of Australia’s property hotspots in recent times. This is a result of many factors from a booming population to strong economic growth driven by the mining sector.
Population in Queensland has been increasing by more than 1500 people per week and this has contributed to high demand for real estate. As a result, rents in Brisbane have been increasing by about 15 percent per annum and in the last year house prices have increased by more than 20 Percent bringing the average price of a home to around $450,000.
Despite the huge cost of housing in Queensland there is still an opportunity to buy real estate within the greater Brisbane region at an extremely affordable price. Russell Island has probably one of the cheapest residential lots in the country. Building blocks can be purchased for as little as $65,000 and water view blocks can be bought for around $100,000. Russell Island is situated about 15 minutes by ferry from Redland Bay (near Cleveland in Brisbane). Ferry services are fast and frequent usually running every 30 minutes all day every day, therefore it is possible to commute to the Brisbane CBD daily for work.
Russell Island is part of the Southern Moreton Bay Islands. These include Russell Island, Karragarra Island, Macleay Island and Lamb Island. You can also include North Stradbroke Island in this region. The Island is extremely picturesque and views include Stradbroke Island to the east and the Gold Coast skyline can be just seen in the distant south.
There are many things to consider before buying real estate on Russell Island. If you work in the Brisbane CBD you will need to take in to account travel times. You would need to allow about 1 hour in travel time to get to the city. There are many other options when it comes to employment though generally not on the Island. Large industrial estates can be found in Cleveland, Capalaba, Beenleigh and Redland Bay with ample opportunities for employment. Other things to consider include:
1. Make sure you have your block soil tested to ensure that you are able to build the size home you require.
2. Even though you will be only 15 mins ferry ride to the mainland, are you happy with that kind of isolation?
3. You may need to have an Island car and a mainland car. Have you considered the mainland parking cost and the cost of having an extra car? Council operates a secure mainland fee based car park but there is currently a waiting list.
4. Ferry’s run until about midnight on weekends so if you plan to visit the mainland, be sure to make the last ferry service.
5. The ferry charges about $6 each way so be sure to factor this in to your transport budget.
Despite a few issues involved with living on an island, most locals agree that the positives far outweigh the negatives. With the perfect weather, blue skies and the crystal blue bay why not take up this opportunity to own a piece of paradise. Russell Island is set to boom so be quick.
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