The top Australian suburbs on the east coast where buyers are paying for property in cash
Cash buyers are changing the residential property buying landscape as three in 10 homes sell without a mortgage in 2023
2 min
Almost three in 10 homes purchased on the East Coast last year were bought with cash, contributing to the historically unusual situation of growing home values alongside rising interest rates. The demographics of cash buyers include high income earners buying in blue-ribbon city suburbs, downsizers in all locations, retirees purchasing in seachange and treechange areas and local and overseas investors buying inner city apartments.
Digital property exchange platform PEXA has released its 2023 Cash Purchases Report covering residential property settlements across New South Wales, Victoria and Queensland. The proportion of cash-funded purchases increased by 1.5 percent in 2023 and totalled$129.6 billion. In 2022, cash sales totalled $127.7 billion. Cash buys accounted for 28.5percent of all residential settlements last year, up from 25.6 percent in 2022.
NSW recorded the highest total value of cash purchases at $54.9 billion and 27.7 percent of purchases. QLD cash purchases totalled $39.4 billion and 29.6 percent of purchases, and Victoria cash buys were worth $35.3 billion and represented 25.2 percent.
PEXA’s chief economist Julie Toth said: “Cash-buyers are changing the dynamics of the residential property market and exerting a greater influence on overall property demand. The relatively large size of this group helps to explain the property market’s resilience in 2023, despite rapid rises in interest rates.
“Our research found the demographic profile of cash buyers is different to mortgage buyers – cash buyers tend to be older and more likely to be retired. 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 superannuation to fund their next purchase. If they have interest-earning savings, then they may even have benefited from rising interest rates,” she said.
The report found regional buyers form the largest cohort of the growing cash-buyer market, followed by inner city buyers. “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,” Ms Toth said.
The largest proportion of cash purchases across the East Coast was in regional Queensland, with 33,055 homes bought without a loan. Renowned retirement destinations such as Surfers Paradise, Broadbeach, Hope Island and Port Douglas were among the most popular locations with cash buyers.
“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,” Ms Toth said. Melbourne and Sydney are among the postcodes with the highest total value of cash buys, likely reflecting a large proportion of local and overseas investors buying apartments.
Top 10 postcodes by value of cash buys
QLD 4217 Surfers Paradise $1.43 billion
NSW 3000 Melbourne $1.32 billion
QLD 4218 Broadbeach $1.2 billion
NSW 2765 Marsden Park $971.9 million
NSW 2088 Mosman $944.2 million
NSW 2065 St Leonards $789.3 million
QLD 4551 Caloundra $737.5 million
QLD 4212 Hope Island $710.9 million
NSW 2000 Sydney $709.2 million
NSW 2027 Darling Point $703.3 million
Top 10 postcodes by proportion of cash buys
QLD 4421 Tara 86% (median price $82,500)
QLD 4184 Russell Island 76% (median price $85,000)
QLD 4671 Gin Gin 72.3% (median price $275,000)
QLD 4819 Magnetic Island 68.2% (median price $365,001)
QLD 4877 Port Douglas 66.4% (median price $445,000)
QLD 4615 Nanango 65.0% (median price $292,500)
NSW 2422 Gloucester 63.9% (median price $530,000)
QLD 4852 Mission Beach 60.9% (median price $307,500)
QLD 4850 Ingham 60.7% (median price $188,500)
QLD 4660 Childers 59.6% (median price $385,000)
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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
3 min
Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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