Overwhelming they answered yes – some having had already moved while others were actively looking for ways to do so.
Another poll by Monmouth University reported that 34% of US citizens who took part had expressed their interest to settle abroad if given a chance, while 65% of 2700 US respondents of a survey by the Publisher International Living stated that they were firming up plans to make the kind of exit oft attributed to the French and Irish.
And where do they want to move to?
Australia, according to recent realestate.com.au data. Or more specifically, Sydney, which topped their international property search list, followed by the Brisbane Greater Region and Melbourne. Specific neighbourhoods within Melbourne such as South Yarra and Brighton were included in the top ten most viewed suburbs, with US searchers showing a particular interest in these affluent areas.
US-based searches for Australian properties spiked last month, with the land of the free(way) leading the pack in an overall 9% month-on-month increase in interest from overseas property seekers. If you watched the US presidential debate this week, you’ll likely understand why. Perhaps it’s the suggestion of a bloodbath if the results don’t go a certain way, or maybe even fear for their cats and dogs come dinner time. Talk about extreme! Whatever the reason, Americanos want out.
Overall, Australian properties attracted a 3% increase in overseas interest year-on-year in July, and were higher than the same period over the past five years. When combining searches from all countries, Melbourne was the most searched location with overseas property searchers, followed by Brisbane and the Gold Coast.
Meanwhile, searchers from the UK showed interest in the Brisbane region. Perth closely followed, with searches for properties in both Fremantle and Cottesloe ranking within the top ten.
The latest data from the ATO shows foreign buyers made 5,360 purchases worth $4.9 billion in 2022–23, with Chinese investors accounting for 2601 homes worth $3.4 billion. In China, Victoria was overwhelmingly the most popular search. Suburbs with high Chinese populations like Balwyn, Camberwell, and Balwyn North saw the most interest.
Speak To An Expert
Schedule in a time to discuss your situation with a home loan specialist
In June, the Foreign Investment Review Board released data showing 1580 residential real estate investment proposals worth $1.9 billion were approved in the October to December 2023 quarter, overwhelmingly from China at $800 million, with an additional $100 million from Hong Kong.
Searchers from Hong Kong – which follows China as the strongest market of foreign buyers of Australian real estate – also favoured Melbourne and its suburbs. The only non-Victorian city to make their top ten search hitlist was Sydney, coming in ninth. In India, searchers seemed to favour Melbourne in their search for predominantly newly-built family homes. Sydney came in second, followed by the Greater Brisbane Region.
As for whether we’ll need to warm up the deep fryers in anticipation of an American influx, all eyes are on November 5. Until then, sit back and enjoy the show.
