All eyes on tranquil islands

Australia's Whitsundays are famously home to 74 islands, according to the tourism mantra. David Colfelt, author of the cruising guide 100 Magic Miles, says it's more like 150, if you count the picturesque islets and rocks.

Indisputably, the island group, named after British explorer James Cook sailed through there on Whit Sunday (the seventh Sunday after Easter) in 1770, is pure magic. With its subtropical climate similar to Fiji's, picture-postcard beaches, including the white silica Whitehaven Beach and balmy, aquamarine waters, it's no wonder this Queensland archipelago is one of Australia's biggest drawcards.

In today's economic climate, it's also a place to buy cut-price real estate. Original price tags on some of the Whitsunday island properties have been "slashed", according to agents on the ground, who say that the downturn in a sector, which has been termed as "trophy" property, began even before the economic crisis.

Even in the good times, islands do turn over every couple of years, says Richard Vanhoff, a Gold Coast-based island specialist at Coldwell Banker Real Estate - not because the dream wears off, but because, as families evolve and partnerships change, it is sometimes just time to move on. "Most people love their islands and are very sad to see them go," he says.

And not just in Australia, it seems. London's Daily Mail reported on a number of private islands "languishing" on the market worldwide, claiming that the number of isles for sale has jumped threefold since 2006.

However, Farhad Vladi, founder of Vladi Private Islands, disputes reports that owners of private islands are jumping ship. He agrees that the cycle of this property sector does ebb and flow, but says that the pairing of privacy-seeking celebrities and islands "is here to stay".