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PropTrack has revealed US searches to buy a Victorian home, at realestate.com.au, has jumped 130 per cent since July 2023.
A potential second presidency for Donald Trump has more than doubled the number of people looking to get out of the US and move to Victoria.
The number of US-based searches to buy an Australian residence at realestate.com.au soared 51 per cent in the year to July, according to a new PropTrack report.
But the organisation’s senior analyst Karen Dellow said searches for Victoria increased by a massive 130 per cent, noting an increase in overall searches peaked when polls suggested the Republican nominee, Trump, was favoured to win.
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It is yet to be seen whether the Democrats naming Vice President Kamala Harris as their presidential candidate, following President Joe Biden’s withdrawal from the race last month, will have an impact on the figures ahead of November’s election.
According to the PropTrack report, it is common to see a spike in overseas searches for Australian property when political or economic turmoil arises in other countries.
While some of the US activity would be coming from Australians living overseas, the sustained growth in such searches in the past five years suggested it was unlikely to be just Aussie expats contributing to the increase.
“The standard of living and the robust economy in Australia are drawcards for property seekers from the US.” Ms Dellow said.
“Universal healthcare, a democratic government, strong employment, and good wages are all factors that support Australia’s reputation as a desirable place to live.”
Ms Dellow said the last time US interest in Australian property increased by 50 per cent or more within 12 months was December 2020 — shortly after Covid-19 pandemic hit and that year’s presidential election.
Melbourne remains the most searched-for Australian location for all overseas property seekers looking to rent or buy, the PropTrack report shows. Picture: NCA NewsWire/Ian Currie.
The PropTrack analysis found Melbourne was the most searched-for Australian location for all overseas property seekers looking to rent and buy.
Co-founder and chief executive of the online Australian property platform OpenLot.com.au, Qi Chen, said traffic to their website from US users jumped 80 per cent in July, compared to June — nearly triple that of a year earlier.
“My best guess about the surge in US user traffic is that it is related to the political situation and general strife in society over there,” Mr Chen said.
“People want to live someplace where neighbours get along and politics aren’t so divisive. “Will we see a further increase if Trump is elected? I think so. It could double again.”
US Vice President Kamala Harris speaks to the press in Washington. Picture: Roberto Schmidt/AFP.
Morrell and Koren buyer’s advocate to the Melbourne’s top end, Matthew Cleverdon, said he had noticed a rise in ex-pats wanting to permanently leave the US since January.
“I think instability is sometimes an instigator for people to make the change that they’ve been thinking about,” Mr Cleverdon said.
Australian-based US immigration law firm Globalised’s principal lawyer and director, Sherwin Noorian, works with both ex-pats wanting to return to Australia and US citizens looking to relocate here.
Similarities between the US and Australia, including English being a main language, makes Australia an attractive prospect for many Americans.
Mr Noorian said that queries tended to increase in the lead-up to American elections; when Aussies thinking about eventually coming back home realised they should try to get a foot in the property door sooner rather than later; and when Americans decided investing in Australian property offered more value than doing so in their own country.
“I think Australia has become a popular, if not trendy, destination for young people a well,” Mr Noorian said.
He said this was due to social media influencers posting about Australia online, which might not drive more homebuyers to come here but would certainly increase interest from young people.
International real estate company Juwai IQI co-founder and group managing director, Daniel Ho, said many Asian buyers looking to buy in Australia already hold Australian residency or citizenship.
The PropTrack report also highlighted that interest to buy from China and Hong Kong was strong, with property seekers searching the most for suburbs with high Chinese populations such as Balwyn, Balwyn North, Glen Waverley and Camberwell.
International real estate company Juwai IQI co-founder and group managing director, Daniel Ho, said most Asian buyers already hold Australian residency or citizenship.
“Last year we saw a large increase in international students as they recovered from Covid travel restrictions,” Mr Ho said.
“This year, we’re seeing more families moving here to make good on their delayed plans to live in Australia permanently.”
Mr Ho said his agency’s data on buyer inquiries showed that Melbourne was the second-most popular city for foreign purchasers – those without Aussie residency or citizenship – from Hong Kong and mainland China, after Sydney.
“Then, Perth and Brisbane follow,” Mr Ho said.
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