THE number of Bathurst homes being purchased by cashed-up buyers has been revealed.
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Almost one in three homes (31.4 per cent) around the city were purchased mortgage-free last year, according to the 2023 Cash Purchases Report produced by online property exchange network PEXA.
The total dollar amount for cash purchases in Bathurst in 2023 was $197.1 million, which was the highest in this region, easily beating Orange's $182.3 and Dubbo's $136.6 million.
In terms of the proportion of homes bought without a mortgage, Bathurst's 31.4 per cent was higher than Orange's 28.4 per cent and Dubbo's 25.2 per cent of sales.
More than four in 10 homes in Forbes (42.5 per cent) and Cowra (40.8 per cent) were purchased without the use of a mortgage, while at least one-third of sales in Mudgee (38.9 per cent), Lithgow (36.7 per cent) and Parkes (33.3 per cent) were done via a lump sum.
Overall across the Central West, $914.8 million worth of property was purchased with cash in 2023.
PEXA's report found the growing cash-buyer market was dominated by two groups: regional buyers (who contributed to the largest proportion of residential cash-buyers); and inner city-urban buyers (who made up the largest share of cash purchases by value and volume, due to greater transaction volumes and higher priced properties in inner city locations).
"Regional cash property purchases are likely being driven by retirees and downsizers looking for a 'tree change' or 'sea change', which has become a popular trend in recent years," PEXA's chief economist Julie Toth said.
"In contrast, the inner-urban cash buyers are likely a combination of affluent owner-occupiers who are relocating, plus domestic and international investors buying rental properties.
"In Melbourne's postcode 3000, for example, over half of all purchases were paid in cash in 2023."
At the launch of a New Resident Guide last year, Bathurst Regional Council business development officer David Flude said the city's new residents are principally coming from local government areas on the outskirts of Sydney.
He presented a slide that showed that 511 people had moved to Bathurst from the Penrith local government area, 441 from Blacktown, 434 from the Blue Mountains and 376 from the Central Coast from 2016 to 2021.
In terms of PEXA's 2023 Cash Purchases Report, postcode 2765 (Marsden Park, on the outskirts of Sydney) recorded the highest aggregate value of cash purchases in 2023 In NSW, with $971.9 million of properties purchased without a mortgage.
Postcode 2422 (Gloucester) recorded the highest percentage of residential properties purchased with cash (63.9 per cent).
NSW recorded an aggregate value of cash purchases of $54.9 billion, accounting for 27.7 per cent of total residential purchases