Prestige comes at two price points: A$3 million to A$10 million (HK$23.96 million to HK$79.89 million), and A$10 to 50 million-plus. He describes sales as 'patchy', saying prices have dropped 30 per cent since the global financial crisis. 'A lot of prestige buyers are sitting on the fence, while vendors, if they can, are also waiting to see what happens,' he says.

But there are 'some excellent opportunities for buyers', Harvey says. 'There are plenty of properties in Mosman [Sydney]. Where the vendors were asking A$10 million to A$12 million, they are now entertaining offers around A$8 million. In the luxury market there's only a limited supply of properties with iconic harbour views or absolute beachfront positions.' Maitraya, Western Australia's southern coastline, 20km from Albany, is among the most spectacular. Set on more than 500 acres of private and secluded bushland, Maitraya commands panoramic views of the Southern Ocean, nearby islands and mountains. The residence - sleeping up to 16 people, plus four to five in a separate cottage - has 11 bathrooms, an indoor heated pool, spa, sauna and gym. The lavishly appointed grounds include access to a safe swimming lagoon and local surfing beach, private gazebo, lake, tennis court, putting green, and a sealed landing strip for aircraft. The bulk of the property is a working cattle farm. It is also self-sufficient with solar power, own water supply, and fruit and vegetables, and freshwater lobsters produced onsite. Owner Rick Fenny says he will consider offers from A$30 million. Maitraya is being sold through Unique Estates.