More than one in four residential properties purchased in New South Wales, Victoria and Queensland last year were paid for entirely with cash by older Australians, making them immune to interest rate hikes and propping up the housing market.
The research by Property Exchange Australia (PEXA) found that $454.7 billion worth of residential property was purchased in the eastern states last year, with $129.6 billion paid for in cash - that is, without taking out a mortgage with a lender.
In Tara, a town around 300km west of Brisbane, 86 per cent of properties sold last year were paid for in cash, with a median cash purchase value of $82,500.
Meanwhile Surfers Paradise in the Gold Coast saw $1.4 billion of cash purchases made in 2023, with a median cash purchase value of $800,000.
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