Price of Quoin Island, Queensland, Dropped to $1.5 Million

LIQUIDATORS of Queensland’s Quoin Island have dropped the sale price to $1.5 million, after attempts to sell the property for $2.7 million last year, fell through.

PKF Chartered Accountants and Business Advisers said the price drop was in recognition that the market for top-end property in Queensland has deteriorated in the last 12 months.

“I have decided to slash the price in the interests of a quick sale,” he told the Courier Mail. “This is a bargain basement price.”

The island measures 10 hectares, and includes a one-tonne fibreglass statue of a female Buddha, erected by the property’s former owner, Hypec Electronics, a Sydney-based retailer and accessories company. Hypec went into liquidation last year with debts of about $10 million.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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