A young family bought the three homes on a clifftop, indicating the depth of the prestige market in this region, as prices more broadly balance.

Movements in the upper ranks show fresh patterns of deep spending, even after some elite postcodes dropped in price.

The owner has accused Adele of thwarting the $11 million property sale after dropping hints about paranormal activity.

One of Victoria’s premier pieces of property has sold after launching with a guide of $7.5 million to $8.2 million – sans house.

But now, Court has seen wealthy buyers building $10 million, $15 million and $20 million houses on beachfront lots. Unusually, this new cohort of rich city buyers is not put off by the island’s lack ...