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Interest in Australian real estate from international buyers saw a notable surge in July, driven primarily by a significant increase in property searches from the United States, according to a recent PropTrack report.
PropTrack senior data analyst Karen Dellow (pictured) noted that spikes in international interest in Australian properties are often linked to political or economic instability in other countries.
“A certain amount of this activity is likely from Australians living overseas, especially at the start of the pandemic, but the sustained growth in searches coming from the US over the past five years suggests that it is unlikely just from Australian citizens, but a combination of interest from different cohorts of the population,” Dellow said.
The data reveals a 51% year-on-year spike in U.S. searches for properties to buy, highlighting the growing appeal of Australian real estate as political and economic uncertainties rise in other parts of the world, particularly in the lead-up to the U.S. presidential election.
“The increase in searches from the United States came at the time when polls suggested Donald Trump was favoured to win the election and it remains to be seen whether the change in the presidential candidate for the Democratic Party will have an impact on searches in the coming months,” Dellow said.
Overall, overseas property searches on realestate.com.au rose by 9% in July, with a 3% year-on-year increase. Next to the U.S., it was fuelled by growing interest from India, Singapore, and the United Kingdom.
Despite a slight year-on-year decrease in rental property searches, interest from Hong Kong and Singapore also went up by 65.7% and 37.1%, respectively.
Search preferences also varied by region. For example, US and UK property seekers are drawn to beachside suburbs like Manly, Brighton, and Fremantle, while buyers from China and Hong Kong prefer areas with larger Chinese communities, such as Balwyn and Box Hill in Victoria.
