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Increase in Cash Buyers in Australian Property Market

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Real Estate Nouvelles

Cash Buyers,Australian Property Market,Mortgage-Free Purchases

More than one in four residential properties purchased in New South Wales, Victoria, and Queensland last year were paid for entirely with cash by older Australians, making them immune to interest rate hikes and propping up the housing market.

Research by PEXA found that 28.5% of properties purchased in NSW, Queensland, and Victoria last year were bought without a mortgage, often by older, retired, and 'asset-rich' Australians. Cash-only purchases topped $1.

4 billion in Surfers Paradise, with Tara in regional Queensland having the greatest proportion of cash buyers. PEXA's chief economist Julie Toth predicts an increase in cash buyers as the population ages.

 

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