by Sanjeev Sah | July 04, 2023 | Market Updates

More than a quarter of new homes sold in eastern Australia in 2022 were bought without a mortgage, according to PEXA.  

PEXA’s Cash Purchases report showed $122.5 billion worth of residential property were cash-funded last year. While that’s slightly down on the $124.8 billion in 2021, it’s 46.5% higher when compared to the $83.6 billion in 2020 (see image).  

PEXA head of research, Mike Gill, said the report shined a light on an often-overlooked segment of the property sector. 

“Given these transactions represent more than a quarter of all residential property purchases, it is important to consider that this is a sizeable cohort of buyers who are less impacted by rising interest rates, having not taken out a loan,” he said.