Housing will likely be your largest expense and one of the more challenging parts of settling in Australia. Here’s what Americans need to know about renting and buying.

Moving to Australia from USA begin with renting, and that’s usually the right approach. Rentals are often unfurnished, which means essentials like a couch, bed, and sometimes even a fridge are not included. Lease terms are 6 or 12 months.

• Start setting up alerts on Domain and REA two to three months before arrival. Focus on your preferred suburbs and budget to understand market conditions early.
• Prepare a rental resume summarizing your employment, income, rental history, and references so you can apply quickly.
• Keep all documents ready in digital form, including tax returns, employment letters, bank statements, and references from previous landlords or employers.
• Book short-term furnished accommodation for at least four to six weeks when you arrive. This gives you time to attend inspections and apply without pressure.
• Some landlords may accept a higher bond from international applicants who don’t have Australian rental history.
• Avoid signing a lease without inspecting the property and neighbourhood in person. The local area has a major impact on daily life.

Australia has one of the least affordable housing markets in the world. PropTrack data shows affordability hit record lows in late 2024, with only 14% of median-income households able to afford a home, dropping to 10% in Sydney. It now takes the average Australian about 11 years to save a 20% deposit, and longer in Sydney.

Key Property Market Figures 

Getting a mortgage as an American in Australia is possible, but comes with stricter requirements. Lenders do not consider your US credit history, instead they focus on your Australian credit file, income, visa status, and deposit size.