Audio Augmented Reality (AAR) can be experienced through different navigation techniques that may influence presence and spatial perception. This paper investigates the effects of navigation type and listener perspective on exploration behavior, presence, and localization accuracy in AAR systems built with consumer hardware. A within-subjects study compared four conditions: virtual navigation, virtual navigation with head tracking, physical navigation, and physical navigation with head tracking. Fifteen participants completed exploration and sound localization tasks in each condition. Results show that physical navigation increased presence and improved exploration behavior and localization performance compared to virtual navigation, while head tracking paired with a non-individualized HRTF for binaural rendering did not produce significant effects.