Pete Wargent blogspot

Co-founder & CEO of AllenWargent property advisory, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.

4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.

"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

"Pete Wargent is one of Australia's brightest financial minds - a must-follow for articulate, accurate & in-depth analysis." - David Scutt, Business Insider, leading Australian market analyst.

"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.

"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.

"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.

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Saturday, 24 November 2012

Auction clearance rate reversal

Interesting to see the preliminary auction clearance rates this weekend from Australian Property Monitors.

Sydney's clearance rates dipped below 60% for the first time in 9 weeks (59.7%) but Melbourne's rates raced up to 65%.

Truthfully, Sydney's is a weak result considering the already very low interest rates, probably reflecting affordability concerns and constraints.

I've been looking at the price of apartments in the inner west in Sydney and my word they have shown some outstanding growth through the financial crisis right up until today. That particular sector of the market must surely be reaching some kind of plateau so better opportunities must now exist elsewhere in the city.

Melbourne's property market resilience continues to amaze, previous booming performance considered.

These preliminary auction clearance rate figures do tend to get revised somewhat due to the number of unreported results, but can sometimes offer a useful leading indicator as to sentiment.