ON LOCATION PALM COVE, QLD

Palm Cove is a hidden tropical paradise of some 6.8 square kilometres, a gateway to the beautiful Great Barrier Reef with a backdrop of the world’s oldest rainforest, the Daintree National Park.

Just 30 minutes north of Cairns, palm trees line the esplanade speckled with spectacular boutique hotels, resorts and an abundance of award-winning restaurants and cafés. Meanwhile the ripples lap the bay from the abundance of offshore reefs. While small in area, Palm Cove is a very popular holiday location, which still retains its appeal of coastal village living.

To the small local population of residents, every day can feel like a holiday, with fantastic fishing, beautiful scenery and access to some of the country’s most beautiful natural scenery on sea and land.

Palm Cove is a sought-after destination for retirees and those seeking a more relaxed pace of life in paradise. Being such as in-demand destination for holidaymakers, much of the region’s economy relies on tourism.

MARKET SNAPSHOT POST CODE 4879 *

Population 2.1K

Renters 42%

Spoil Yourself

Whether you want to explore or simply relax, make the most of the region by spending a few days getting to know this stunning part of North Queensland.

There are several accommodation options available in Palm Cove. The swim up bar at Elysium Beach Club Apartments is always a hit, and Sea Temple is a popular choice for a more relaxed style of accommodation.

Leave the car at home and jump on a bike to explore the beautiful natural surroundings of Palm Cove – shoes are optional.

The Palm Cove jetty is a popular fishing spot, or if sitting back and taking in the views of palm trees and blue ocean are more your speed, there are plenty of quiet spots to set yourself up for the day. There are several netted swimming areas along the beachfront, making them inviting for a refreshing dip anytime of the year.

Owner occupiers 58%

Median house $943K

Median unit $465K

A trip to northern Queensland wouldn’t be complete without a visit to the Great Barrier Reef and Palm Cove is nestled perfectly to access some unforgettable adventures. *CoreLogic

After 18 months or so of crazy, the first quarter of this year is feeling more like a normal market again. The fear of missing out was rife in 2021 and some commentators are suggesting that the fear of paying too much might be 2023’s legacy, with hesitant bidders taking the shine off auctions.

If the boom period left a legacy, it is that the market now values the auction process possibly more than ever.

While that fastest sequence of interest rate rises in 28 years saw a 12 per cent decrease in buyer demand at auctions through winter last year, more home sellers chose auction campaigns in 2022 than in the 2021 boom.

Looking at trends rather than talking about markets (of which there are many), evidence suggests fewer outer suburb auctions and less ‘renovator’s delights’ having auction appeal. This latter may be due to material and labour shortages and cost increases.

While historically, properties in need of some work were popular with renovators, builders, investors and those keen to get into a suburb at entry level, auction buyers were preferring to bid on the finished product.

Units and townhouses also become more attractive to buyers prepared to sacrifice the yard for a ‘no work to be done’ lifestyle.

It is likely we’ll see more suburb records happen at auction. Think about it, any property that hasn’t been on the market in the past decade or more stands a good chance of breaking the suburb record simply because of the price growth its market has had. That growth is not going to suddenly come undone; it is just the new normal that we are settling into.

There are a myriad of reasons why buying or selling at auction has benefits for buyers and sellers alike, but the most significant would be the transparency, certainty and peace of mind for both parties.