According to The Australian Financial Review, holiday home buyers are flocking back to Australia's most famous island destination, Hamilton Island on the Great Barrier Reef, where the tourism boom is in full swing.
The Whitsunday island, developed by the late businessman, yachtsman and winemaker Bob Oatley and now run by his family, is having its best holiday season since the global financial crisis.
Hamilton Island CEO Glenn Bourke told AFR Weekend occupancies across the four Hamilton Island hotels was at 94-97 per cent, up from 80 per cent a few years ago.
Bourke said the rise in rental bookings had lifted gross returns for owners to more than 10 per cent - five per cent on a net basis - making Hamilton Island an attractive proposition for interstate investors used to capital city net returns of between 2 per cent and 3 per cent.
Hamilton Island Real Estate director Wayne Singleton said his agency had sold 52 holiday home in the first four months of the financial year, compared with 42 for the whole of FY15.
Singleton said a well-presented two-bedroom apartment purchased for $900,000 could bring in about $110,000 gross annual income and about $50,000 after expenses.
"We're getting buyers from Sydney, Melbourne and Brisbane as well from offshore with the majority of sales are under $1 million," he said.
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