The Rich Times

Many maybe drastically affected by the tough economic situation, but we still have those for whom recession sounds like a distant island. And for the latter, the current financial situation is bliss. Thanks to the global economic condition property prices are down and houses are being sold for almost half the price. Forget houses, several Australian islands off the Great Barrier Reef are on sale and they are cheaper than they used to be. And this is the perfect time for investing in some property.

Global real estate agency Coldwell Banker’s Capricorn Coast branch is offering 9 islands, some with luxury mansions and other amenities, around the Great Barrier Reef with prices starting at A$1.3 million ($962,000) and up to A$90 million ($67 million). One island on offer, Long Island, has seen its A$6.5 million price tag slashed by 42 percent. Others are being advertised for almost half what they cost about a year ago. “Islands have certainly have come down in price significantly and that’s a reflection of the global economy,” principal realtor Richard Vanhoff told Reuters. “Sellers are realists, if they’ve made the decision to sell; they are coming in line with the market trend and market value.”

Australia’s Queensland state, where the Great Barrier Reef is located, has used another tropical island called Hamilton (above) as the base of a hugely successful advertising campaign to lure tourists, offering them the chance to become island taker and have the “Best Job in the World.” There is also Temple Island, Avoid Island, Marble Island and the newly listed Hinchinbrook Island, where 2008′s children’s movie “Nim’s Island” was filmed.
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