Argentea at Palm Cove becoming new millionaire’s row in Cairns

A NEW locale is emerging as the ritziest address in the Far North with more than 10 homes breaking the million-dollar mark and land selling for as much as $854,000.

While Bluewater Harbour at Trinity Park recently has taken the mantle of the priciest properties with a $2.5m sale, the Argentea Estate at Palm Cove is fast becoming the new millionaire’s row.

A property at 11/67-81 Argentea Boulevard sold earlier this month for $1.7m, while 3/67-81 Argentea Boulevard sold for $1.5m last week.

There’s a waiting list for 19 lots to be released in stage five of the development.

Developer Bruce Dickson said Argentea had been sold out for a year.

“We released the first stage of Argentea for sale in 2018 at an average price of approximately $365,000, if it was released now we would achieve an average of least $500,000 or maybe closer to $550,000 per lot,” Mr Dickson said.

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High end finishes are a feature of homes, such as this $1.25m property, at Argentea Estate. Picture: supplied.

He said a block at 293 Coral Coast Drive sold in August 2019 for $400,000 and recently sold again for $600,000.

Mr Dickson’s company Kerdic Homes is also behind the Ocean’s Edge development on the northern side of Palm Cove, with stage one of the 90 lot estate soon to be released and lots priced up to $700,000.

“Prices in Cairns went sideways for 10 years between 2010 and 2020, the increase in prices is catching up to other areas of Australia and because Cairns has regained its popularity and desirability as a place to live,” Mr Dickson said.

Mr Dickson said Argentea was a sought after luxury residential precinct that had 20ha of bushland and a recreation zone.

It will comprise 247 house lots, including a gated community of 19 houses called Esprit and a 12-villa complex called Serenity, bringing the total number of residences to 288.

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A display home built by Unique Constructions called the Osprey sold for $1.25m. Picture: supplied.

Ray White Cairns Beaches agent Matthew Pearce, who is marketing an elegant home at 49 Seaside Parade at Argentea, said nine properties had sold for more than $1.2m in 14 months.

“It’s exclusive, it is the newest area close to the beach and blocks are selling for $500,000, with those next to Sea Temple selling in the $900,000s,” Mr Pearce said.

“It’s the quality of the homes, reputable builders have really taken pride in them and it’s flowed to Melbourne and Sydney business owners who want the escape in Palm Cove.”

He said one woman spent $2.5m building a home for extended family to enjoy.

8 Lillian Road, Palm Cove sold for $1.22m.

“I have taken six calls this morning for 49 Seaside, maybe 30 inquiries or more – people say ‘I want to be close to the beach and walk to the restaurants and coffee shops at Palm Cove’,” Mr Pearce said.

“It’s mostly Melbourne and Sydney, it is definitely marketed to that demographic, middle aged, retirees downsizing – you just can’t get in there, there’s always been a waiting list, it’s exceptional.”

The record price for 2021 was $1.55m for 25 Seaside Parade.

Top sales at Argentea Estate:

$1.7m – 11/67-81 Argentea Boulevard

$1.35m – 55 Argentea Boulevard

$1.3m – 1 Muller Street, Palm Cove

$1.27m – 30 Litara Court, Palm Cove

$1.25m – 68 Argentea Boulevard, Palm Cove

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$1.22m – 21 Litara Court, Palm Cove

$1.22m – 8 Lillian Road, Palm Cove

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