Russell Island
Russell Island
is the largest island in the Southern Moreton Bay Island group
having an area of approximately 15.9 km². It comprises
a variety of country types, from coastal Eucalypt forest with
rich red volcanic soils to wallum forests and melaleuca wetlands.
The island is fringed with mangrove forest and tidal mudflat
that provide a rich ecosystem for both invertebrate and vertebrate
fauna. Needless to say the fishing and crabbing can be spectacular.
Russell Island has a permanent population estimated at around
4,000. (2,473 at the 2011 census). As at July 2013, Russell
Island had 6,733 properties issued with valuations by the
Department of Natural Resources and Mines. Of these approximately
1,587 had private dwellings constructed upon them. These statistics
have increase dramatically since then.
With advancements
in communication and information technology, people are increasingly
choosing places like Russell Island to live and work from
home.
In line with other
locations, Russell Island real estate took a hit during the
Global Financial Crisis of 2008, bottoming out in mid-2011.
Values remained fairly level, but in that time the Southern
Moreton Bay Islands, including Russell, saw a significant
increase in both building activity and population. More and
more people were starting to realize the benefits of Island
life and Redland City Council were finally starting to pump
money into much needed infrastructure.
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Now finally the
Banking sector are making investment into the Southern Bay
Islands, including Russell Island a little more realistic
with less stringent loan to valuation ratios. Since the last
quarter of 2020 we have seen a marked increase in value for
the better situated real estate on Russell Island. Where else
in South East Queensland can you buy a block of residential
land for under $70,000. And if you are clever, and have a
$40,000 deposit, you can then build a house of your own design
for under $240,000 in total. After it is all finished, painted,
landscaped with concrete paths, a driveway, fenced etc, if
you wanted to go travelling, you could potentially rent it
for $260 per week. It makes good positive sense to me and
is a great way for young people to get into the property market.
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