Cash sales in property surged 14 per cent to $138 billion across NSW, Victoria and Queensland over the past financial year, fuelled by wealthy downsizers, retirees and investors, a new report shows.

An analysis of settled residential property transactions by electronic conveyancing firm PEXA found that the volume of all cash purchases also increased by 3.9 per cent to 141,000 properties, largely reflecting a stronger property market in FY24.