The result was largely thanks to 10 prestige property sales, including 50-52 Knightsbridge Parade East for $6.65 million and 47-49 Knights-bridge Parade West for $5.2 million.
While the rest of the Gold Coast recorded only modest gains in house prices over the final quarter of 2012, Elanora and Oxenford also emerged as particularly strong performers.
The REIQ December quarter median house price report reveals the median house price for the overall Gold Coast increased by 1.1 per cent to $465,000.
However, Elanora rose by a healthy 6.5 per cent off 29 sales to $470,000, and Oxenford jumped by 9.4 per cent off 28 sales to $418,500.
Professionals Paradise Point principal David Vertullo said an increase in positive sentiment in the property market had contributed to a bumper quarter for his agency.
"We did more than $50 million for the quarter, which is above average," he said.
"People are now seeing value in property and the fear has left the market."
Mr Vertullo said although prices were increasing it was still at a modest pace.
"The figures are representative of what we've been seeing for the past eight months," he said.
"Buyer transactions are up but obviously these figures are not representative of a genuine shift."
He said Brisbane buyers were returning to the Gold Coast market and snapping up properties which they then rented out.
He estimated prices for Paradise Point had increased by 5 per cent since June last year, although the REIQ data showed over the December quarter it rose 23.5 per cent to $657,500 -- an increase more reflective of the varying quality of stock and number of waterfront properties sold than real gains in value.
Broadbeach Waters also experienced a 18.3 per cent rise to $778,500 over the period, for much the same reason.
Ray White Oxenford principal Greg Hynes said the REIQ quarterly figures reflected a false picture of the marketplace in Oxenford.
He said while it was possible a decrease in sales at the lower end of the market had helped to boost the median price, in his experience prices remained flat although volumes were increasing.
"We had our biggest year in sales last year compared to when I had two offices," he said.
"The average quarter last year was $15 million and we're up $15 million two weeks into February this year, (for the quarter ending March) but prices aren't up."
He said volumes were up because "perfect" conditions existed for buyers, including low interest rates.
Fletchers Gold Coast South director Christopher Stear, who is also managing director for Fletchers in Queensland, said there was more confidence in the market.
"We've seen an acceptance by vendors that the market has softened and the realisation that if they sell in this market they can also buy in the same market," Mr Stear said.
He said both prices and sales volumes had increased in the final quarter of last year and also in the current quarter.
"Anecdotally, there's certainly more buyer interest," he said. "We are seeing significant increases in attendances at auctions and the number of registered bidders."
REIQ Gold Coast zone chair John Newlands said the figures showed the market had stabilised.
"Recovery appears to be on its way in both the lower end and prestige markets," he said.
"Suburbs such as Elanora and Oxenford, which are typically more affordable, saw a reduction is distressed sales and as a result, prices are creeping up."
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