The top Australian suburbs on the east coast where buyers are paying for property in cash
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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

By Bronwyn Allen
Thu, Mar 14, 2024 9:42amGrey Clock 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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High-end homeowners are choosing to upgrade rather than relocate, investing in bespoke design, premium finishes and long-term lifestyle value.

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RENOVATION REVOLUTION RESHAPES AUSTRALIA’S LUXURY HOMES

High-end homeowners are choosing to upgrade rather than relocate, investing in bespoke design, premium finishes and long-term lifestyle value.

By Jeni O'Dowd
Mon, Feb 16, 2026 3 min

Australia’s prestige homeowners are increasingly choosing to reinvent their existing properties rather than enter an uncertain property market, fuelling what industry insiders are calling a “Renovation Revolution.”

From heritage terraces to coastal retreats, this shift reflects a deeper change in mindset. Homes are no longer viewed as stepping stones, but as long-term assets worthy of thoughtful investment and personalisation.

“Homeowners are approaching renovation with purpose, balancing lifestyle needs, design aspirations, and long-term return on investment,” says Jodie Cramer, CEO of Andersens, a national flooring and interior finishes company.

“Viewed through this lens, renovating often makes more financial sense than moving. Homeowners with built-up equity are confidently premiumising their space, achieving better returns on capital.”

More than half of Australian homeowners were planning renovation or improvement projects within a year, with many considering structural changes such as reconfigured floor plans, extensions, or even additional levels.

Personalisation becomes the ultimate luxury

For affluent homeowners, renovation is no longer driven solely by financial logic. It is about crafting environments that reflect individual lifestyles, values, and aesthetic sensibilities.

“Home upgrades allow families to customise their spaces,” says interior designer Delena Pitman.

“They’re not always looking to move up the property ladder; they want to make where they are feel more like home. Renovations give people the freedom to design functional, comfortable, and visually inspiring spaces.”

This trend aligns with the broader luxury movement toward intentional living, where design choices prioritise comfort, wellbeing, and enduring quality over short-term trends.

Jodie Cramer

Flooring sets the foundation for luxury interiors

Among the most transformative elements in any high-end renovation is flooring, which establishes the visual and tactile foundation of a home’s design.

“Think of flooring as the canvas for your entire home,” Pitman explains. “Once it’s chosen, everything else — furniture, lighting, window treatments, and accessories — becomes easier to select, and the space feels cohesive and intentional.”

Premium materials such as engineered timber, natural stone and luxury vinyl planks are increasingly favoured for their durability and aesthetic appeal, while softer textures like wool carpet add warmth and acoustic comfort to private spaces.

Continuous flooring across open-plan living zones enhances spatial flow, while darker tones such as walnut or charcoal introduce richness and sophistication.

Designing cohesive, layered spaces

Today’s most successful renovations are guided by a holistic design approach, where flooring, cabinetry, lighting and furnishings work in harmony.

“Change the floor, and everything else either harmonises or clashes — it’s the anchor of your interior design,” says Pitman.

“Once the floor is selected, you can choose wall colours to complement or contrast, coordinate cabinetry and countertops, and adjust lighting to provide bright task illumination or soft mood lighting.”

This layered approach allows homeowners to create interiors that feel both elevated and deeply personal.

Renovation as a strategic property investment

Beyond aesthetics, renovation is increasingly viewed as a strategic investment decision. In prime suburbs and lifestyle regions alike, improving an existing home often delivers greater value than purchasing anew.

This approach enables homeowners to preserve location advantages while enhancing liveability, energy efficiency and long-term capital value.

Whether upgrading a waterfront residence, modernising a federation home, or refining a contemporary coastal retreat, the message is clear: in Australia’s luxury property market, the smartest move is often staying exactly where you are — and transforming it into something exceptional

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