US residents eyeing Australian properties amid election uncertainty

The number of U.S. residents contemplating a move to Australia has surged, coinciding with the upcoming presidential election. Data from PropTrack, an Australian real estate analytics firm, shows that searches for Australian homes by U.S.-based individuals increased by 51% in July compared to the previous year.

Karen Dellow, a senior data analyst at PropTrack, suggests that this increase is likely tied to political uncertainty surrounding the November presidential election in the United States. "It is common to see a spike in searches from overseas when there is political or economic turmoil in other countries," she writes. She also mentions similar trends during past global events like the unrest in Hong Kong and the onset of the COVID-19 pandemic.

While it remains unclear whether these searchers are primarily Australian expatriates or U.S. citizens, Dellow believes Australians living abroad may constitute a significant portion when their standard of living is impacted by global events.

As per U.S. Census Bureau data from last year, approximately 97,000 people born in Australia reside in the United States, with nearly 25% located in California and notable numbers also residing in Texas and New York.

PropTrack's findings indicate Melbourne as the most popular market for property searches from overseas users, followed by Brisbane and Gold Coast. Outside major cities, American buyers often prefer beachfront areas such as Manly, Brighton, and Fremantle.

This surge has positioned the United States ahead of New Zealand as the leading origin country for overseas property searches targeting Australia during May through July. Dellow attributes some of this activity to Australians abroad but notes that sustained interest over five years points to diverse groups being involved.

Dellow highlights that increased interest from America occurred alongside a polling boost for Donald Trump before President Joe Biden exited the race in late July. The potential impact on buyer interest following Vice President Kamala Harris's entry into the race remains uncertain.

Conversely, Australian interest in U.S. properties has decreased amid this political climate shift; views on Realtor.com® listings dropped by 7.4% year-over-year as of August.

PropTrack operates under REA Group ownership—a subsidiary majority-owned by News Corp—while Move Inc., parent company of Realtor.com®, is another News Corp entity.