Cashed-up, wealthy Australians are buying $5 million-plus houses with cash, driving up demand for luxury homes in various suburbs across the country.
House prices blew the top off economists’ expectations in 2023, and it could happen again this year, at least at the upper end of the market. While rising interest rates and the eye-wateringly large gap between households’ borrowing capacity and dwelling sale prices has economists tipping only moderate price increases this year, the story on the ground is about cashed-up, wealthy Australians buying $5 million-plus houses for themselves, their children or grandchildren.
Flavio Brancaleone “There are no mortgages to speak of in those places,” says veteran real estate agent John McGrath, who runs his eponymous agency group McGrath Ltd. “They’re buying with cash; there is an enormous amount of wealth, and I have no doubt that part of the market will stay in demand.” McGrath says he is not just talking about renowned rich suburbs like Sydney’s Bellevue Hill or Melbourne’s Toorak, but the increasing number of capital city suburbs where $5 million-plus sales are becoming almost normal. “That end of the market is in very good shape.”The economists’ data backs him u
House Prices Economists Cash-Rich Australians Luxury Homes Demand Suburbs
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