We will be vacationing in the Port Douglas area at the end of May. I am wondering if I can risk waiting until next week to book accommodation on one of the websites offering last minute accommodation or if I will run into problems waiting until the last minute.
How popular is Port Douglas in the last week of May and first week of June?
I am interested in beachfront accommodation in Port Douglas/.
Also do specials for Lizard Island ever come up?

It is not school holidays at that time so you should be OK to wait until next week to book your accom. The GBR is popular at any time but since it's not school holidays it won't be overrun.

As for Lizard Island you may find something a little cheaper than the norm but for me that does not count as a special (A$5000+ for 3 nights all inclusive is NOT a special to me although one site says exactly this). Check online, as what you consider a special and what others would consider MAY be two different things.

Exactly, Blue Gum - the only way I can afford Lizard is to use its camping ground!

Waverley, Queensland winter school holidays start about 18th June, other states have differing school holiday terms usually a bit later than Queensland's so you'll be safe. Winter is the most popular time in PD, as its when Australians, particular those from Melbourne start fleeing the cold. Its also a very popular time with international visitors. However, its still very early winter so you may be lucky with last minute specials.

Many resorts/apartments in Port Douglas are not absolute beachfront although some are esplanade front - ie narrow and fairly quiet road between accommodation and beach. For absolute beachfront resorts, Palm Cove, a northern suburb of Cairns has two, Angsana Resort and the new Sea Temple. Box jelly fish are still about although the season may be declared over by the time you arrive, if not, no swimming in un-netted coastal waters. The reef is fine and be guided by crew as to the need of a stinger suit, which they provide.

There is a huge annual event - Carnivale - in Port Douglas which this year runs from 20th to the 29th May so you might find last-minute accommodation options rather limited over that period.

Sunbird's right again, the second I hit post buttom remembered you'd be here at PD Carnivale time which could indeed make a vast difference to accommodation availability.

Yes, book fast!!!!! Carnivale is huge in Port and the town is usually booked way ahead. You will also find that the prices are higher during that time. Tours should be OK because a lot of people who go to the Carnivale don't really do tours, they just go there for a couple of days to party. It is a fun event and you will enjoy it, but book soon!!!!!!!