Gold Coast Performance Good for Surfers Paradise Property?

The Surfers Paradise property scene could be benefiting from an overall upward trend in Gold Coast real estate performance.

New figures from the Real Estate Institute of Queensland (REIQ) show that apartments and townhouses on the Gold Coast are thriving as the state's tourism centres continue to grow in popularity.

Overall, the number of unit and townhouse sales were up 19.4 per cent on the Gold Coast in the March quarter this year, when compared with the same period in 2012.

Anton Kardash, chief executive officer of the REIQ, said the data is welcome, with the area having experienced a number of highs and lows following the Global Financial Crisis.

He remarked: "There have been reports of late that the prestige market is improving and these figures support that with the numbers of sales between $500,000 and $1 million on the Gold Coast increasing nearly 30 per cent compared to the same period last year."

According to the REIQ, there was also a jump in transactions for Gold Coast property in the $250,000 to $350,000 price range.

The institution last month noted that vacancy rates were down to 2.2 per cent in the region, stating that improving Gold Coast employment opportunities were likely the main reason for tight availability.