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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Monday, 12 November 2012

Housing finance reaches highest point in 2.5 years

As just reported by the Australian Bureau of Statistics here.

Even the most ardent of doomsayers are struggling to explain away this one.

Overall confidence in the housing market still seems to be fairly low, as evidenced by moderate auction clearance rates this weekend, but it's hard to argue that some kind of recovery isn't underway given these figures.

That's what we might expect to see given the very low cash rate and increasing competition for mortgage business which was reported by the Sydney Morning Herald here.

To my mind, it is also worthy of note that these housing finance figures relate to the month of September 2012 and thus take no account of the fact that the Reserve Bank cut interest rates by a further 0.25% on 2 October 2012 (as I  noted in my post here).

Graph: Value of dwelling commitments, Total dwellingsGraph: No. of dwelling commitments, Owner occupied housing