Port Douglas trophy home sale breaks luxury market drought
THE $5.1 million sale of a trophy home in Port Douglas has put the tropical town’s luxury housing market back on the map.
In the biggest sale there in years, the five-bedroom, five-bathroom trophy home at 2 Murphy Street was snapped up by a Melbourne family, who plan to use it as a holiday house.
It comes as the top end of the market in Port Douglas starts to pick up after a long, dry spell.
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The home boasts spectacular views overlooking Dickson’s Inlet and the Daintree ranges.
Selling agent Barbara Wolveridge of Queensland Sotheby’s International Realty said it was the highest sale since a property at 7 Wharf Street sold for $6.8 million in May 2017.
The vendor, property developer Michael Yates, sold the home to Melbourne-based Paragon Financial Group director Dean Cook and his wife, Larah.
“These trophy homes don’t come up very much,” Ms Wolveridge said.
“But the top end is really picking up. I’m selling more in the $900,000 to $3 million range.”
Ms Wolveridge said she had sold close to $15 million in property in Port Douglas since June.
“I think interest rates are low and it’s freezing in Sydney and Melbourne, and New Zealand,” she said.
“We get a lot of New Zealand buyers.”
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Ms Wolveridge is also marketing a trophy home at 1 Wharf Street in Port Douglas, owned by businessman John Morris, for offers over $10 million.
She said she had received two offers from an interstate and an international buyer, but they didn’t meet the vendor’s expectations.
“It’s the best house in all of Port Douglas — nothing even comes close,” she said.
“It absolutely will sell, but its going to be a special buyer because its a special property.”
The home is set high on a ridge overlooking Port Douglas and the Coral Sea and has five bedrooms, four ensuites and an office.
It last sold for $10 million at the height of the market in 2007.
The median house price in Port Douglas is $615,000, according to property researcher, CoreLogic — an increase of 1.8 per cent in the past three months.
Other Port Douglas trophy homes for sale include the landmark mansion, Tanamera, spanning three levels with indoor waterfalls and gardens.
It’s back on the market for $6.5 million.
The four-bedroom, five bathroom residence recently underwent a refurbishment since being sold for $3.9 million in 2017.
The Glasshouse, at 26 Murphy Street, is also still for sale for $6.75 million.
The property belongs to legendary rock publicist Patti Mostyn, who was famous for working with the likes of Frank Sinatra, George Michael, Sting and Elton John.
The three-level home offers 200-degree views to the Coral Sea and beyond over Four Mile Beach and the Port Douglas Marina.