The swaying palms and balmy breezes of Port Douglas are hard to beat, and savvy buyers on the hunt for a holiday home could snap up a bargain to the tune of a half a million dollar discount.

A Caribbean-inspired pad at 4 Rankin Street, Newell has just had its listing price slashed by a whopping $500,000.

"This is beachside prestige at distressed pricing... at this point it's a bit of a steal," said SQM Research in their distressed listings report.

The home has been on the market for a while, with an original listing price of $1.495 million.

The current homeowners are long-term locals who are selling due to health issues and the need to downsize. Now described as motivated sellers, the property has come down to offers over $995,000 - a drop of half a million.

"Newell is perhaps Port Do

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