PHILLIP ISLAND, Australia — It’s a magical sight: Just as the light begins to vanish, thousands of tiny penguins waddle out of the surf on an island in southeastern Australia, then head up the beach and along well-worn paths toward their burrows.

The “penguin parade” has been a major attraction since the 1920s, when tourists were led by torchlight to view the nightly arrival of the birds — the world’s smallest penguin breed, with adults averaging 13 inches tall — from a day of fishing and swimming.

For much of that time, the penguins lived among the residents of a housing development, mostly modest vacation homes, in tight proximity to cars and pets, as well as ravenous foxes. The penguins’ numbers fell precipitously. But in 1985, the state government took an extraordinary step: It decided to buy every piece of property on the Summerland Peninsula and return the land to the penguins. The process was completed in 2010.