A STUNNING paradise island where you don't have to pay any bills could become your very own private escape.

Elizabeth Island in Australia has been listed for sale and boasts two houses — with a permit for a third — and a caravan site across its 65.5 acres of land.

Located in Western Port Bay in southern Victoria, the island also offers 3km of coastline.

However, it will come at a cost.

Despite having originally failed to sell when it was listed for £3.63million in 2018, Elizabeth Island has seen its seven-figure price tag increase further.

As a result of the property market having strengthened substantially across the Covid-19 pandemic, punters are now required to pay between £4.6million-£5.1milllion.

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Elizabeth Island has been listed by real estate agency RT Edgar.

Director James Hatzolos, who is dealing with the listing along with sales consultant Zee Sarwari, said the island is perfect for isolation.

“It lends itself to so many ideas," he told news.com.au. "First and foremost someone who wants their own private retreat where you’re totally isolated.

“Someone might also want to run a health or wellness retreat.”

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Elizabeth Island can only be accessed via boat, barge or helicopter – with French Island and the Phillip Island marina and chopper services nearby.

There is also a licensed private jetty with mooring, which is perfect for those with keen interests in fishing, kayaking, sailing and bird watching.

But perhaps the deciding factor for buyers is the luxury of not having to pay any bills.

With Elizabeth Island being offered as a private freehold, it is exempt from council rates, land tax, power and water bills.

And if there were any concerns over its safety, Mr Hatzolos confirmed that the island ascends up to 20m above sea level, with much of it safely above the waves.

“It won’t sink,” he said.

Mr Hatzolos also described Elizabeth Island as "fully functional".

The main three-bedroom residence was built in 2004 from Western red cedar wood and boasts ocean views from every window.

It also comes with off-grid facilities, including a fully equipped kitchen with a dishwasher.

There is also a spa bath, gas hydronic heating and a septic drainage system.

The second weatherboard villa was constructed last year and comes with two bedrooms, two bathrooms, a seven-star energy rating and completely electric appliances.

Both houses are serviced by solar power.

However, a demure paradise located in the Southern Great Barrier Reef in Queensland could also prove to be a perfect investment.

Pumpkin Island, originally known for featuring in a comedic XXXX beer advert, has a major plus to living there all year round.

Elsewhere, a beautiful tropical island is offering to pay thousands for you to move there – but you will have to prove your worth first.

For those with skills in business, tech or finance – the tropical Indian Ocean island of Mauritius wants you.

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