AS the summer season approaches, new research results show the Gold Coast property market is heating up.

In the June 2006 quarter, 441 unconditional sales of new apartments were reported - up from 259 sales in the three months to March 2006.

Of the apartments sold in the June quarter, 45 per cent were across seven
new projects reported for the first time in the survey.

Fifty six per cent of high rise apartments sold were located in Raptis' Southport Central Tower II, Niecon Development's The Oracle Tower I and Urban Pacific, Macquarie and the Parkview Group's Kirra Surf.

These sales figures demonstrate the strong, pent-up demand for product in prime locations.

"Interestingly, each of these projects are of mixed-use design - where residents can work, rest and play without leaving the development - and the success of these projects is a prime example of people's desire for inner-city living," says the
source of the research, PRDnationwide's Chris Liftin.

"The most-enthusiastic group to embrace these developments has been local Gold Coast and Brisbane residents - traditionally the most astute buyers of Gold Coast apartments."

Other new projects included in the survey were Kirra Wave at Bilinga, the Nielsen on the Park at Tweed Heads, the Lakelands apartments at Carrara and the Easy T apartments at Robina.

The seven new projects added a total of 715 apartments to the survey.

Three projects were reported as selling out during the quarter - Chevron Renaissance Skyline Central at Surfers Paradise, Sea Pearl at Burleigh Heads and Bay Breeze at
Tweed Heads.

The latest sales rush has dented the region's supply levels for new apartments, dropping 7.8 per cent to 14.6 months of supply.

The key player for the past quarter, Southport Central - Tower II, recorded an impressive 78 unconditional sales.

Sales in excess of $1 million represented 24 per cent of the total apartment market with 106 unconditional sales, indicating demand in the prestige apartment market remains unabated.

Fourteen of these $1 million plus sales were more than $2 million.

In the medium rise sector, Allisee, on the Broadwater at Hollywell, has continued to perform well with 27 unconditional sales for the quarter for an average sale price of $1.15 million.

Cotton Beach, at Casuarina, achieved the greatest number of sales in the low-rise sector, with 24 sales for an average price of $805,731.

Across the board, the average sale price of a new apartment on the Gold Coast this quarter was $877,962.

Mr Liftin says the prestige apartment market has been underpinned by a strong local economy, high returns from the stock market, overseas business expansion into Australia and purchases from expatriates in preparation for a return home.

"The market, particularly for prestige apartments, has been virtually impervious to the broader property market slowdown in recent times," he says.

"With migration remaining strong and promising business growth forecasts throughout south-east Queensland, the fundamentals are still in place for continued growth within the Gold and Tweed Coast new apartment market."