New apartment sales are at their highest point on the Gold and Tweed coasts in more than 18 months, led by a sales surge in the high-rise market.

The best performing precinct was Southport-Labrador for the sixth consecutive quarter, according to the Colliers International Gold Coast Apartment Report — March 2010 quarter.

The report shows sales rose 18 per cent in the quarter, up to 230 unit sales, which was the first time more than 200 sales were recorded since the June 2008 quarter.

The sales come as supply levels are at the lowest since December 2004, falling 26 per cent to 1707 apartments.

“If the current upswing in sales numbers continues, we would expect to see pressure on supply levels within the next 12 months, particularly if no new projects are introduced to the market,” said Colliers project marketing director Brinton Keath.

Colliers Gold Coast research manager Lynda Campbell said 169 of the sales were for high rises, with the average price of $849,395.

The best performing project was Silvershore at Biggera Waters with all of its 28 sales in the period under $700,000.

The Silverstone building at Tweed Heads recorded 21 sales, followed by the Hilton Orchid Tower with 20 sales.

There were 39 medium-rise unit sales and 22 sales for low-rise units.

The report said there was 1.8 years of supply left for units, compared with the forecast of 4.8 years in the March 2009 quarter.

The Southport-Labrador area sold 49 units in the quarter, with 35 of those in high rises.

The Surfers Paradise-Main Beach-Chevron Island precinct had 236 apartments for sale, which was the lowest supply since June 2008.