Interest in Australian real estate from US-based buyers has surged significantly, with search activity increasing by 51.2% in July compared to the previous year, according to a recent analysis by PropTrack. This spike has catapulted the United States to the top position as the leading source of overseas buyer interest in Australian property.
The dramatic rise in searches may be linked to the upcoming presidential election, which often stirs economic and political uncertainty, prompting potential buyers to explore international property options. This trend mirrors past patterns where overseas searches spiked during periods of turmoil. For example, there was a noticeable increase in searches from Hong Kong during the 2019 unrest and at the start of the COVID-19 pandemic.
Senior data analyst Karen Dellow explained, “It is common to see a spike in searches from overseas when there is political or economic turmoil in other countries, and an increase in searches from Hong Kong began during the unrest in 2019 and searches also rose at the start of the pandemic.”
While it’s challenging to determine whether these searchers are Australian expatriates or foreign nationals, Dellow noted that it is more likely that Australians living abroad make up the majority, especially during times of global events that could impact their standard of living.
Following the US, New Zealand ranked second in overseas buyer interest in July, with a 9.5% increase in search activity compared to the previous year. Other countries showing heightened interest included the UK (up 15.7%), Singapore (up 19.9%), and India (up 21.8%). Conversely, interest from Hong Kong and China decreased by 2.0% and 15.1%, respectively.
This data suggests that Australia remains an attractive destination for property investment, particularly during times of uncertainty in other parts of the world.
