Thanks to Herron Todd White for the below report. Whilst it does not refer directly to Port Douglas, Cairns is our closest statistical indicator of Month to Month property trends.
The Cairns property market has been experiencing stronger levels of sales activity for some time, but the increasing volumes are only just starting to translate through to higher prices.
Prices have been increasing by up to 5% over the last twelve months inthe more popular suburbs but the overall median has been generally steady.
The overall April 2013 Cairns median house price trend stood at $353,300, which is 1.8% higher than it was in April 2012.
Cairns is over the hump of the forced property sales which inundated the market and kept prices depressed during 2012.
The incidence of Mortgagee-in-Possession (MIP) and Receiver property sales has reduced by 70%, from a peak of 15% of the market in May 2012 to 4.5% of the market in March 2013.
The cleanout of MIP and receiver stock is another positive sign for the Cairns property.
Source: Herron Todd White – Independent Property Valuers