However Richardson and Wrench agent Rob Simeon said he believes only a “minute number of residents” would have the financial capacity to buy a property with cash.
“The greater proportion of locals carry mortgages, and I think these figures can be attributed to a handful of Mosmanites,” he said.
Mosman had the highest cash purchases, followed by Sydney CBD ($717m) and Darling Point ($596m).
“If you can pay cash for your home then you’ve either sold your multi-million-dollar company, had a huge win on the stock market, or inherited some serious family money.
“I’ve been in the real estate game for more than 30 years and in my experience is that most residents carry a mortgage.”
Suburbs where people are paying in cash:
Cashed-up Aussies paid more in affluent urban centres with higher-priced properties and larger populations.
The Gold Coast had the highest value of cash purchases, with $1.33 billion spent in Broadbeach (4218) and $1.27 billion in Surfers Paradise (4217).
Next on the list was Toorak in Melbourne (3142), with $893 million worth of cash purchases. Melbourne (3000) and Brighton (3186) also made the list with $711 million and $668 million, respectively.
“If you can pay cash for your home then you’ve either sold your multi-million-dollar company, had a huge win on the stock market, or inherited some serious family money,” Rob Simeon said.
In New South Wales, Mosman (2088) had the highest cash purchases at $725 million, followed by Sydney (2000) at $717 million and Darling Point (2027) at $596 million.
Regional postcodes dominated in terms of overall cash transactions in Queensland and New South Wales.
In Queensland, the top postcodes for cash purchases by percentage were Tara (4421), Russell Island (4181) and Gin Gin (4671), while Emmaville (2371), Gloucester (2422) and Woombah (2469) led the way in NSW.
A smaller proportion of cash purchases were made in regional Victoria, with Yarram (3971), Paynesville (3880) and Metung (3904) topping the list.