Just $100,000 now separates the median house prices in Port Douglas and Palm Cove, with the latter recently named as the best beach in the world.
The latest REA Market Trends report shows that the median house price in old tourism favourite Port Douglas is $1.2 million, as new favourite Palm Cove screams up the ranks to $1.1 million.Every year Condé Nast Traveler ranks beaches from around the world to curate a list of 34 locations.Palm Cove in Far North Queensland recently took out the top spot globally, described as “the epitome of a tropical paradise” by the publication.House value increases in Palm Cove have consistently beaten perennial favourite Port Douglas in terms of growth in recent years.Data shows that Palm Cove house prices have increased 11.4 per cent in 12 months (Port Douglas +10.3%), 41 per cent in three years (Port Douglas + 37.9%) amd 100.9 per cent in five years (Port Douglas (+71.4%).Palm Cove houses are also selling faster 45 days compared to 60 days.The median vendor discount in Port Douglas is also three times that in Palm Cove. Just 12 months ago, the median house price in Palm Cove was $955,000, while in Port Douglas it was $1.04 million. (Article:Cairns Post)
