Over a quarter of residential properties purchased in Australia’s eastern states in 2022 were mortgage-free, indicating that a significant portion of the population was not affected by interest rate hikes.
Property data firm PEXA has released a report that analyses residential property purchases in the states of New South Wales (NSW), Victoria and Queensland between January 2019 and March 2023.
The company found that 25.6 percent of all dwelling and land sales in the three states were made without a loan attached in 2022.
In other words, around $122.5 billion (US$81.84 billion) worth of properties were cash-funded last year, down from $124.8 billion in 2021 but well above the $83.6 billion in 2020….