While the Reserve Bank has this month kept interest rates steady, much to the relief of mortgage holders, median house prices in tourist destinations similar to Port Douglas remain varied.

Last month, the Real Estate Institute of Queensland released figures pointing to an average Port Douglas house price of $475,000 at a drop of 2% in the past 12 months, with Cairns averaging $435,000, taking a hit of around 5% in the past 12 months.

In a quick dig around of similar destinations around the country, it would appear that Port Douglas is not doing so badly in comparison in median house prices.

For example, in Port Macquarie, NSW, an average four-bedroom, two-bathroom home would average the low $400,000s, according to a local real estate agent, with a council rates for that home averaging between $1700-$1800.

A similar four-bedroom, two bathroom home in picturesque Lorne, Victoria, averages $555,000, according to real.estate.com.au.

Also located on the coast, this town is a popular tourist destination for many Victorians, but sources say a high cost of living and lack of public transport are the downside of living in this pretty locale, a similar complaint of some Port Douglians.

In WA, the housing market which has boomed in the past decade thanks to the mining industry explosion is now facing a downturn.

For example, in tourist-friendly Margaret River, a town that has enjoyed similar prices to Port Douglas in the early 2000s, the average four-bedroom, two-bathroom home is now reportedly selling for $437,500, representing a large fall in median price since February 2011.

So, while the tourism industry in Port Douglas helps to shape the local real estate market, some real estate analysts suggest that a turn around in prices is not far off the horizon.

And with some Port Douglas accommodation providers and restaurateurs saying this season so far is one of the best they’ve had for three or four years, we can only stay positive that the local real estate market is back on the incline.