The article published here by Aidan Devine from www.realestate.com.au yesterday indicates that record numbers of NSW properties are being acquired without home loans - https://www.realestate.com.au/news/concerning-record-number-of-nsw-homes-bought-with-cash/.
Properties are being purchased with cash, driven by people with fully paid homes moving from high-priced real estate in Sydney to more regional areas across NSW. People are also buying up land in cash, with the intention of undertaking development of the land longer term.
The areas in NSW with the highest share of cash purchases are summarised in the same article. All of these suburbs have had more than 50% of property purchases made in cash during 2024.
Gloucester, NSW (2422)
Braidwood, NSW (2622)
Tenterfield, NSW (2372)
Temora, NSW (2666)
Lismore, NSW (2480)
Lake Cathie, NSW (2445)
Interestingly, when we run the vendor discount report for all 6 of these suburbs (shown below), real estate has been selling at discounted prices throughout 2024, meaning buyers have been snapping up these properties for cash at bargain prices.
