Queensland Resorts Sell at a Discount as Aussie Clips Tourism

Luxury resorts along Queensland’s coast, a destination for Great Barrier Reef visitors, are selling at a fraction of peak prices as a rising Australian dollar sends domestic vacationers overseas and hampers a recovery from last year’s hurricanes.

Properties on Dunk and Bedarra islands changed hands late last year for about 15 percent and 20 percent of their 2007 values. Club Mediterranee SA’s Lindeman Island resort is on the market with an asking price of about A$10 million ($10.5 million), a 10th of what the French company spent to buy and expand it in the early 1990s.