Australia’s premium housing markets have had a wild ride over the past three years, Lawless says.

While values in the million-dollar-plus sector of the residential market are up, sales volumes remain low, he notes.

His analysis of recent movements in the top end of the property market reveals that the most expensive 20 per cent of Australia’s suburbs climbed 19.8 per cent in value in 2007, compared to 13.7 per cent across the broader market.

“As the global financial crisis kicked in and started to bite, with shares and property being sold off to recoup further portfolio losses, values across this same set of premium suburbs fell by 7.4 per cent compared with a 2.5 per cent fall in all home values,” Lawless says.

The premium market turned again in 2009, recording growth of 12.1 per cent over the calendar year, compared to 11.3 per cent across the board.

“For those that can afford the premium price tag premium property markets have generally provided stronger capital gains than the broader marketplace thanks to the inherently tight supply of inner-city, coastal and character properties,” Lawless says.

The Gold Coast’s southern beaches continue to attract luxury apartment buyers, with $3.245 million worth of property settling at one of the area’s premier developments, Kirra Surf, in the past month.

Buyers from across Australia have snapped up apartments during the latest sales run at the $95 million project, situated at Kirra Beach, bringing total sales to date to more than $70 million.

The settlements bring Kirra Surf’s sales tally to 77 of 91 units.

The sales come just weeks before the auction of the project’s luxury 11th floor penthouse.

The 254sq m penthouse features unobstructed 270-degree ocean views, three bedrooms, three side-by-side car parks and a rooftop spa and barbecue. It will go under the hammer on site on Wednesday .

During the latest sales run at Kirra Surf, a $1.7 million three-bedroom-plus-study apartment, $780,000 two-bedroom apartment and $765,000 two-bedroom apartment have sold.

The sales were to buyers from right around Australia, including Mount Tom Price in Western Australia, Bellevue Hill in NSW and Geelong in Victoria.

“Since the beginning of the year, this has been the trend for luxury apartments. “Interstate buyers are seeing the value offered by Gold Coast property, particularly apartments with beach or water views.

“The latest buyers have purchased in Kirra Surf as a lifestyle investment and intend to use it as a holiday home, which is indicative of the types of purchasers that have been attracted to the project.

“We are seeing the majority of interest from owner-occupiers or those who plan on living in, or holidaying, in the apartment for part of the year.”

Buyers recognise the opportunity to secure apartments in beachfront buildings such as Kirra Surf are dwindling.

There are few sites remaining and no new developments being launched at the moment, so buyers are seeing the value in purchasing now in prime locations such as this.