The Scottish island that's cheaper than the price of a house in Sydney

A private Scottish Island is on sale for less than half the median price of a house in Sydney, giving “sea change” a whole new meaning.

The pristine 26 hectares of land is going for a starting price of $444,949 – more than half a million dollars shy of Sydney’s current median house price of $1.18 million.

The island, which is named Vaila Sound, is off the west coast of Shetland, the most northerly of the British Isles, which actually makes it closer to Norway than Scotland.

The island has “spectacular scenery and beauty with an abundance of wildlife,” according to Vladi Private Islands, the estate agency which has listed the island. It also has its very own two acre loch with a traditional watermill.

While two derelict cottages remain on the island there is planning approval to develop the land so it becomes fully self-sufficient for green living.

The plans include building a new cottage, a windmill and solar panels for renewable energy, as well as septic tanks with reed beds for sewage.

There will also be rainwater capture from the new cottage and shed roofs to provide fresh water, all in the hope of making it sustainable and energy efficient.

The company owner, who exclusively lists islands, has said Scottish laws prohibit people from over developing the island, leaving the future owners to work with what’s already there on the ground. 

The listing has reportedly attracted a lot of interest.