RESIDENTIAL PROPERTY
MANY buyers have remained immune to the recent interest rate hike cycle, with cash funding representing more than a quarter of all residential sales across...
According to a new PEXA report, 28.5% of all residential property sales in Victoria, New South Wales and Queensland were entirely funded with cash in 2023...
The total value of these sales was up 1.5% over 2023, totalling $129.6 billion or an increase from $127.7 billion in 2022, where cash funded sales accounted for 25.6% of...
“While rising interest rates have contributed to cost-of-living impacts across most types of households, the growth of this cash-buyer cohort – at over a quarter of all...
“They tend to have lower household incomes, but they also have fewer dependents and are more likely to be ‘asset-rich’, with accumulated property, savings and...
Over 2023, NSW recorded the highest combined value of cash purchases at $54.9 billion, which accounted for 27.7% of total residential purchases...
Queensland followed, with cash purchases coming in at $39.4 billion, reflecting 29.6% of total residential purchases...
The report revealed two main groups dominating the cash buyer market in regional buyers and inner city-urban buyers...
Regional buyers made up the largest proportion of residential cash buyers, with regional Queensland seeing the highest proportion at 33,055...
“Regional cash property purchases are likely being driven by retirees and downsizers looking for a ‘tree change’ or ‘sea change’ which has become a popular trend in recent years...
“In contrast, the inner-urban cash buyers are likely a combination of affluent owner-occupiers who are relocating, plus domestic and international investors buying rental properties...
Surfers Paradise (4217) was the top postcode for the eastern states, with the aggregate value of cash purchases at $1.43 billion.
Melbourne’s 3000 postcode recorded the highest aggregate value of cash purchases in Victoria at $1.3 billion.
While Marsden Park (2765) saw the highest aggregate value of cash purchases in NSW at $971.9 million.