Pete Wargent blogspot

Co-founder & CEO of AllenWargent property advisory & buyer's agents, 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, 10 November 2012

Crocodile infested backwater is Australia's property powerhouse

A bit harsh - I love Darwin! House price growth has continued in Darwin...

From Herald Sun here:

"IT may be a crocodile infested backwater to some, but Darwin is a property powerhouse.

The northern capital is the only city in Australia to record growth in median house prices in the three months to August, with a jump of 4.4 per cent according to RP Data.

Darwin outshone  Australia's largest property markets - Sydney which only managed a modest upswing of 0.7 per cent - and Melbourne which fell -0.6 per cent.

"Darwin over the past decade has absolutely phenomenally outperformed other capital cities,'' said RP Data research director Tim Lawless.

"There's a very low population and unemployment, high population growth and quite a diverse economy. A lot of people think its a big mining town but its got quite a lot of exposure to government spending, along with natural gas, mining and military.''

Darwin has also been the strongest performer over the last 12 months, again proving itself the only city in Australia to record growth in house and unit prices, of 4.4 per cent and 0.2 per cent respectively.

Mr Lawless said property markets across the country were beginning to stabilise after a severe market correction from the 2010 peak.

"The low mortgage rates are starting to have a flow through effect on the market place now. They're not really pushing prices higher but it has been enough to curb decline across most cities,'' he said.

The median house price has remained flat in Canberra and Perth over the last quarter, while slight falls were recorded in Brisbane, Hobart and Adelaide.

Unit prices have also been lacklustre, with no change to median prices in Sydney and Melbourne and slight declines in Hobart and Adelaide.

Mr Lawless said property prices are expected to recover in coming months, but homeowners shouldn't expect to see consistent growth month-on-month.

`The market is still quite sensitive to any changes in consumer mindset. We will probably see a bit of up and down movement but when you even it out there will be a subtle trend upwards,'' he said."