Under CAO 95.55 aircraft registered by RAA are exempt from a number of regulations, including CAR 157.
However, para 10 of the RAA Operations Manual effectively re-iterates the restrictions imposed by CAR 157 on flight below 500'.
The common law inherited from Old Blighty from around the 13th century gave the owner of land property rights in everything from the bowels of hell to the heights of heaven. This broad view has been narrowed somewhat by legislation over the years.
This is why CSG miners can dig holes in your lovely Hunter farm and pilots can fly over it above 500' as long as they don't scare the chooks.
Your property rights as a land owner in the airspace above it is limited to that which is reasonably necessary for the enjoyment and use of the land itself. So you can dig foundations and complain about the skyscraper next door blocking your access to light but, as best as I can determine, you can't fly below 500' just because it is over your own property; you can't fly an unregistered aircraft there; and you need the appropriate licence to do it.
This MAY be a little different to some overseas jurisdictions so beware the perils of accepting everything on Google as Gospel.
Kaz
PS. This is my personal opinion only and should not be relied upon in any legal context. I do not practice in aviation law and have no retainer to do so.