Buy a vacant block with ocean views on a private island for $38K

Paradise for a bargain exists on Wedge Island, South Australia, where a vacant cliffside block with ocean views is tempting buyers with its $35,000 to $38,500 price tag – or less than the cost of an inner city car spot in Sydney.

Wedge Island was subdivided in 1988 and consists of 114 residential allotments, but only around eight properties have been built since, says listing agent Corey Carbone of Harris Real Estate – Kent Town RLA 226409.

“It’s just a really funky island,” he says. “Where in Australia can you get your own slice of an island for 35 grand?”

$35,000-$38,500

91 The Lookout, Wedge Island SA 5606

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View property

The remote island is the largest of the Gambier Islands, a small group of islands located between the Eyre and Yorke peninsulas.

The vacant block at 91 The Lookout is in a prized pocket with panoramic ocean views and mere minutes from the beach.

“On Wedge Island there are two sections, The Lookout, which is where this block is on the cliffside with panoramic views that are phenomenal,” says Carbone.

“Then there’s also The Breakers, which is the waterfront block. We had a block earlier this year that was sold beachfront, and that only lasted about a week and a half on the market and sold for $70,000 – which is still an absolute bargain.”

Wedge Island is only accessible via a charter plane from either Parafield Airport, Port Lincoln Airport, or a private boat or plane.

Chartered flights cost approximately $1500 for a return trip.

And the air time from Port Lincoln Airport to your own island oasis?

A mere 10 minutes, says Carbone.

For those travelling to the island DIY-style with their own private plane or boat, the island is equipped with a jetty and airfield.

“The wharf is deep enough to have your boat come up and stow there, and then the airfield can also accept small private aircraft,” says Carbone.

Many of the vacant blocks on the island have been transacted over the decades, but remain long-term investments.

“A lot of people look at it as an investment standpoint; they look at the numbers and go it’s going to boom in five to 10 years – they’ll hold and resell it,” says Carbone.

But for the handful of owners who have built properties on the private island, there’s a plethora of holiday activities up for grabs, from the pristine beach, fishing spots and local flora and fauna to enjoy.

“The fishing is phenomenal, Port Lincoln and surrounds are known as the seafood capital of Australia, and the fishing on Wedge Island is incredible,” says Carbone.

“There’s King George whiting, crayfish, just anything that you can think of – and it’s big.”

For prospective buyers of 91 The Lookout, there are no restrictions on living on the island permanently and building your very own dream house.

However, navigating the logistics of building on this remote island requires steadfast planning.

“Being a secluded island the cost to build is a bit extra, you will need to get materials barged over,” says Carbone.

“But [buyers] are still looking at it going ‘Oh look, if I need to buy a block for 30 grand and I can still build a house for a million, I’ve got a house on a private island for less than a house on a street in suburbia on a 300-square-metre block for the same price.”

The island’s off-grid status also means buyers must be completely self-sufficient and supply their own rainwater tanks, solar generators and septic/bio-cycle systems.

The island is zoned as Coastal Waters and Offshore Islands and run by strata management.

“There’s a caretaker on the island. I believe he lives on the peninsula and comes and goes,” says Carbone.

For buyers who plan to live on the private island for longer stints, Carbone says it’s not uncommon for residents to have their groceries delivered to the island.

“If you were to live on the island, staying there for months on end, you can also get your Coles order or click and collect orders done by Lincoln Air Charters in Port Lincoln. They’ll fly them over to the island.”