A STUNNING private island is up for grabs – and it costs less than the average waterfront Sydney home.

The eight-acre Island – which is on the market for $2.75 million – offers a lavish four bed house, 360 degree ocean views and a system of solar panels.

The land is located just one kilometre off the coast of the city of Mackay Queensland.

The mainland can only be reached via boat – taking just ten minutes – or for those who wish to travel in style there’s enough space to land a chopper.

The new residents will be treated to private beaches and scenic walks along the coast line.

They will also be able to snorkel and fish in the crystal water.

Common wildlife in the area reportedly include sea turtles, dolphins, and tropical birds.

The island has also been recently renovated to ensure it is sustainable and to allow inhabitants to live entirely off-grid.

As well as the solar panel system, there is storage for 225,000 litres of rainwater and vegetable patches to grow seasonal vegetables.

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The site also includes a caretaker’s cottage and two marine craft.

Owner Meg Sullivan has lived on the island for five years.

Though she has decided to move on, she says she’d definitely recommend island living to others.

“It’s the freedom of living on the island where you can do what you want, when you want,” she told 9news.com.au.

“If you want to catch a fish for dinner you go and throw a line in.”

Barbara Wolveridge of Sotheby’s International Realty said a listed of this sort was “very rare”.

“I’ve been in the business for 30 years and this is the first time I’ve actually had an opportunity to sell an island,” she said.

“We’ve got people lining up to come and see it.”