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.

Invest in Sydney/Brisbane property markets, or for media/public speaking requests, email pete@allenwargent.com

Thursday, 29 November 2012

HIA: New unit sales boom by 31.4% in October

A trend I've talked about a few times. New houses are expensive and sales thereof have now declined for 5 of the past 6 months. New unit sales on the other hand, are absolutely booming, fuelled no doubt  by very low interest rates and investors looking for somewhere to put their cash.

The HIA explains that the nationwide figures are dragged down by very weak results in Victoria (where buyers are understandably staying away following a massive boom in dwelling prices):

"A 3.4 per cent increase in new home sales in October is a modest result, but at least it is a move in the right direction,” said HIA Chief Economist, Harley Dale.

The HIA New Home Sales report, a survey of Australia’s largest volume builders, showed a substantial 31.4 per cent increase in the sale of multi-units in October and this delivered the headline rise for the month. Detached house sales fell by 2.0 per cent in October, a disappointing result which marked the fifth decline in six months.

“Scratching below the surface, new home sales in October were a mixed bag. Within the weak headline result for detached houses there were modest increases for New South Wales, South Australia, and Western Australia, albeit from very low bases,” Harley Dale said.

“Detached house sales in Victoria were a big drag on the aggregate result in October, slumping by 12.1 per cent. If you take that result out of the mix then detached house sales actually posted a rise of 2.4 per cent.”

Some worthwhile analysis of the data from MacroBusiness here.

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Share markets are ekeing out more gains. ASX200 up 0.42% so far today...