Shane Hiscock
Indooroopilly, QLD+10
Regional Queensland · Cairns
Palm Cove is a sophisticated and tranquil beachside resort village known for its palm-fringed esplanade, luxury spas, and upscale dining. It blends a relaxed, tropical holiday atmosphere with a permanent residential community, offering a high-end coastal lifestyle just a short drive from Cairns. Its character is defined by barefoot glamour, ancient melaleuca trees, and immediate access to the Great Barrier Reef.
Market snapshot
Price register · May 2026
Median house
$1.10M
Mid-band $1.1Mspread 10%
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Create Your Free ProfileLast reviewed 13 May 2026
Median unit
$486,000
Mid-band $486Kspread 10%
Days on market
51 days
Median listing-to-sold window. Shorter = tighter buyer field.
Auction clearance
Private-treaty market
Share of auctions sold. Brisbane skews private-treaty.
Rental yield
4.0%
Gross yield on house stock. Premium suburbs compress.
5-year house-price growth
+69.0%
cumulative since 2021Who buys here
Retirees and Downsizers · Lifestyle Sea-Changers · High-End Holiday Home Investors
5-year trend
Modelled trajectory anchored on aggregated 5-year median figures. Indicative; not month-by-month observed data.
Market analysis
The Palm Cove property market is a story of premium lifestyle meeting strong investment demand. As one of Cairns' most prestigious northern beaches, it commands prices that reflect its international reputation as a luxury destination. The median house price has now reached $1.10M, with units sitting at a median of $486,000. This represents significant year-on-year growth of 12.6% for houses and an even more impressive 21.
5% for units, showcasing robust demand across both property types. This price trajectory is underpinned by a combination of factors. The primary driver is the suburb's undeniable lifestyle appeal, attracting affluent downsizers, sea-changers from southern capitals, and professional couples seeking a tranquil, resort-style environment. The supply of property is inherently limited, constrained by the coastline and established development, which creates upward price pressure.
Demand is further amplified by investors who see value in the strong holiday letting market, which benefits from year-round tourism. Rental yields are healthy, sitting around 4.0% for houses and over 5.0% for units, supported by extremely low vacancy rates often below 1%. Properties are moving relatively quickly, with average days on market hovering around 50 days, indicating that well-priced homes and apartments are absorbed efficiently. While the market is heavily influenced by the tourism and lifestyle sectors, its proximity to Cairns CBD (a 30-minute drive) also makes it a viable, albeit high-end, commuter suburb. Future growth is likely to be sustained by ongoing demand for premium coastal property in Far North Queensland, the region's popularity as a work-from-home destination, and the finite supply of land in this coveted enclave.
A blue-chip coastal market where limited supply and relentless lifestyle demand underpin strong, long-term capital growth.
Why a buyers agent
In a market as nuanced and competitive as Palm Cove, a local buyer's agent is a critical asset. On the surface, it's a small village, but the property landscape is complex, with a mix of residential-only buildings, holiday-let apartments, managed resort schemes, and freehold homes, each with different zoning, body corporate rules, and income potential. An expert can navigate these intricacies, identifying which properties align with your goals—be it a pure lifestyle purchase or a high-yield investment. They possess off-market intelligence and relationships with local selling agents, providing access to properties before they hit the open market. Furthermore, in a suburb where emotional buying is common, a buyer's agent provides objective, data-driven advice to prevent overpaying and ensures you understand the true value and potential of a property beyond its stunning beachfront view.
Offering a unique blend of tranquil village life and five-star resort luxury, the lifestyle is second to none. The palm-fringed esplanade, pristine beach, and acclaimed dining create a permanent holiday atmosphere.
With high rental demand from both long-term tenants and the lucrative holiday letting market, investors benefit from strong yields and low vacancy rates. Consistent capital growth is underpinned by limited supply.
Situated between two UNESCO World Heritage sites, Palm Cove is the perfect base for exploring the Great Barrier Reef and the Daintree Rainforest, adding to its appeal for residents and tourists alike.
As one of Far North Queensland's most established and prestigious addresses, property in Palm Cove is considered a blue-chip asset, holding its value well and attracting a high-calibre buyer.
Compare
| Metric | This suburbPalm Cove | NearbyTrinity Beach |
|---|---|---|
| Median house | $1.10M | $880,000 |
| Median unit | $486,000 | $560,000 |
| Auction clearance | — | — |
| Days on market | 51 days | 26 days |
| Year-on-year growth | +12.6% | +16.0% |
| 5-year growth | +69.0% | +65.1% |
| Rental yield | 4.0% | 4.7% |
| Postcode | 4879 | 4879 |
Snapshot date varies by suburb; see individual suburb pages for figures.
The place
Palm Cove is a premier residential and tourist suburb located approximately 27 kilometres north of Cairns. Its identity is forged along its iconic Williams Esplanade, a picturesque strip of award-winning restaurants, cafes, and luxury resorts shaded by ancient paperbark melaleuca trees. The beach itself is the main attraction, offering calm, sheltered waters and a jetty popular for fishing.
While Palm Cove doesn't have its own schools, families are well-serviced by nearby institutions in adjoining suburbs, including Trinity Anglican School and Kewarra Beach State School. The closest major shopping precinct is Clifton Beach Shopping Centre, just a few minutes' drive south, providing a supermarket, pharmacy, and other essential services.
For transport, the Sunbus Route 110 provides a regular service connecting Palm Cove to Smithfield, the Cairns CBD, and the airport, with the journey to the city taking about an hour. However, most residents rely on cars for daily commuting and errands, utilising the Captain Cook Highway as the main arterial road. Recreation is centred on the outdoors: kayaking to Double Island, walking trails, and enjoying the numerous parks and public barbecue areas along the beachfront. The suburb is also known as the 'Spa Capital of Australia', boasting numerous high-end day spas. This blend of natural beauty, sophisticated amenities, and easy access to the Great Barrier Reef makes it one of Australia's most desirable coastal addresses.
Frequently asked
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The 5-year trajectory is a modelled curve anchored on the documented cumulative growth rate. Editorial review: 13 May 2026. Updated quarterly.
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