Listed: 9 Qld postcodes where homebuyers pay in cash

A massive 86 per cent of homes bought in one suburb alone last year were paid for in cash, with Queensland making up nine of the top 10 postcodes where cashed-up buyers rule.

Latest data from online property settlement platform PEXA found Queensland had very high proportions of cash buyers across many regional areas where property was generally more affordable – allowing just one NSW postcode to make the top 10, with all the rest spread across the Sunshine State.

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The postcode 4421 (Tara) topped the rankings, with a massive 86 per cent of properties which settled in 2023 doing so for cash. The median value of those cash sales was $82,500.

On Russell Island (postcode 4184) 76 per cent of properties settled last year were for cash, with a median price paid of $85,000.

In Gin Gin (postcode 4671) 72.3 per cent of properties were paid for in cash, with the median price being $275,000, followed by Magnetic Island (4819) with a median of $365,001 was paid by 68.2 per cent of buyers.

Queensland made up nine of the top 10 postcodes on the eastern seaboard with a high proportion of cash homebuyers.

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In Port Douglas (4877), 66.4 per cent of buyers paid cash for their homes, with the median sitting at $445,000, followed by 4615 (Nanango) where 65 per cent of purchases were for cash with a mid price of $292,500.

“The postcodes that had the highest proportion of cash purchases were mainly located in regional areas, popular with older Australians,” according to the PEXA Cash Purchases Report for the 2023 calendar year.

“These postcodes had higher median ages, lower labour force participation and the main family composition was ‘couple family without children’.”

“These postcodes also had lower than average family incomes due to the high proportion of retirees.”

See the latest PropTrack Home Price Index

The only out of state interloper in the top 10 was Gloucester (2422) where 63.9 per cent of homes were paid for in cash last year with a media of $530,000.

Rounding out the top 10 highest proportions of cash buyers on the eastern seaboard were 60.9 per cent of homebuyers in Mission Beach (4852) who paid a median of $307,500, Ingham (4850) where 60.7pc of purchases were cash with a median price of $188,500 and 4660 (Childers) where 59.6pc was cash at a median of $385,000.

Postcodes where cash is king:

4421 (TARA) 86.0% $82,500

4184 (RUSSELL ISLAND) 76.0% $85,000

4671 (GIN GIN) 72.3% $275,000

4819 (MAGNETIC ISLAND) 68.2% $365,001

4877 (PORT DOUGLAS) 66.4% $445,000

4615 (NANANGO) 65.0% $292,500

NSW 2422 (GLOUCESTER) 63.9% $530,000

4852 (MISSION BEACH) 60.9% $307,500

4850 (INGHAM) 60.7% $188,500

4660 (CHILDERS) 59.6% $385,000

(Source: PEXA)

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