Private islands At recession prices

With several islands off the Great Barrier Reef being "foreclosed" due to filing for administration, Reuters news agency has reported that now is the best time to bag a bargain.

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Global real estate agency Coldwell Banker's Capricorn Coast branch has nine beautiful islands on offer starting at just under $1m. Although thats the price of an average beach front apartment in California, it includes a luxury mansion. The most expensive is $67m.

With some of the islands boasting a full five-star complex, private docking facilities and enough space to build an expandable airport, it is no wonder that those who can survive the recession are already registering their interest.