News Bay island sells in record time Elizabeth Island in Western Port Bay is believed to have sold for about $7 million. by . Published January 09, 2024 Link copied! Copy failed! One of the few privately owned, freehold islands in Victoria, Elizabeth Island was listed in November with a price range of $8.9 million to $9.79 million. Photo: RT Edgar Real Estate. Updated September 04, 2025 2:36 pm | 4 months ago Link copied! Copy failed!