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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Thursday, 31 January 2013
Property Observer: "Resilient Sydney house and unit prices reach record highs"
From Property Observer here:
"Sydney house and unit prices rebounded in the final quarter of 2012 to finish the year at record highs, according to full year figures from Australian Property Monitors (APM).
Sydney house prices rose by 2% over the quarter to be up 3.4% for the year with the median price rising to a record $656,415, the first time the median price has been above $650,000.
Sydney unit prices gained 2.3% over the quarter to be up 5.6% for the year and also posted a record median price of $475,314.
The rises for the quarter were based on upwardly revised September quarter figures.
APM revised the Sydney’s median house price for the September quarter from $641,890 to $643,578, while the median unit price was revised from $458,562 to $464,572.
Australian Property Monitors senior economist Dr Andrew Wilson says Sydney again “illustrated the resilience of its housing market”.
Wilson says the Sydney market revival is being driven from the middle upwards rather than from the top down.
“We are seeing a lot of activity in the middle price section of the Sydney market between $500,000 and $900,000, and that’s what is pushing up those median house prices to record levels," he said in an interview on AFR TV.
Wilson says the prestige market in Sydney, which has to date been the ‘weak link” in the market, may also start to grow in 2013.
Nationally, house prices rose by 1.9% over the quarter to finish the year in positive territory – up 2.1% to a median of $542,299.
Unit prices increased by 1.6% over the quarter to be up 2.4% for the year with a median price of $417,123.
September quarter figures were also revised.
The median house price was revised downward from $533,480 to $532,274, while unit prices were upwardly revised from $406,415 to $410,508.
All capital cities recording house price gains over the quarter – the first time this has happened since March 2010.
“I think it is no coincidence that we have historically low interest rates and we are just starting to see a consistent rise in confidence in housing markets," says Wilson.
But he tempered this by saying capital cities and sub-markets are still performing at different levels.
“We are still seeing the fractured type of outcome."
Sydney is the only capital city market where house prices are above their previous peaks, but APM expects that based on current trends, Perth, Canberra and Darwin will achieve record house prices in 2013. "