Cash buyers piled into Melbourne’s CBD and the Gold Coast during the June quarter, snapping up more than 1000 apartments according to PEXA.
Cash buyers piled into Melbourne’s CBD during the June quarter, snapping up 601 apartments, the largest volume of mortgage-free residential property transactions of any suburb in the country, amid signs downsizer activity is ramping up, data from online conveyancing firm PEXA shows.jumped sharply across the biggest states during the same period, with Victoria posting a 24.3 per cent rise, NSW notching a 31 per cent increase and Queensland lifting 14.4 per cent.
Last year, cash purchases accounted for 24.3 per cent of all sales in NSW, 26.9 per cent in Queensland and 20.6 per cent in Victoria. The difficulty of securing finance in the current high-interest rate environment could potentially have prompted more buyers to pay cash, said Tim Lawless, CoreLogic research director.
“Presumably a large portion of these transactions will be downsizers or movers who don’t need to access finance because they are selling a home from a strong equity position.” The areas where cash sales comprise the largest portion of settlements were mostly located in rural towns such as Finley, Hay and Deniliquin in the Riverina region in northern NSW, where cash purchases accounted for 79.2 per cent, 66.7 per cent and 57.4 per cent of all sales respectively.
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