![]() ![]() ![]() PEXA's head of research Mike Gill said the majority of cash purchases were by older Australians who are retiring and looking to downsize, and have benefited from high house prices. The latest edition of the consumer price index indicated housing prices have risen 2.6 over the past year, while other reports suggest home prices are up more than 13. The figures exclude commercial property purchases, but the research notes that buyers may have used "existing loan facilities" to make the purchase, such as equity from other properties, or overseas buyers using foreign lenders. In Victoria, New South Wales and Queensland, the majority of cash purchases were made to buy a dwelling instead of blocks of land. ![]() Few events over the last century have had as profound an impact on our. The research found 25.6 per cent, or 135,544 residential properties sold last year, were purchased without a mortgage, meaning the Reserve Bank of Australia's rate hikes will not impact a significant portion of the population as it tries to drive down high inflation. This latest study was prepared in the midst of the SARS-CoV-2 (COVID-19) pandemic. Business News - Read Latest Financial news, Stock/Share Market News, Economy News, Business News on The Economic Times. New research published by property insights group Property Exchange Australia (PEXA) found that $478.6 billion of residential property was sold in 2022, with $122.5 billion worth of property paid for in cash. ![]()
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