Pete Wargent blogspot

Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).

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.

Thursday, 31 January 2013

Sydney property prices hit record highs

Reports SMH here.

No particular surprise - if you don't build enough appropriate dwellings, people shun the more affordable suburbs and the population grows at 60,000 per annum, that's what going to happen.

APM reported apartment prices as up 5.6% through 2012 and house prices up 3.4% year-on-year.

Sydneysiders need to embrace living in the western suburbs rather than dismissing the idea out of hand, a subject I might blog about a little more when the urge grabs me. At the moment, I'm rather busy eating a digestive biscuit, but I may get around to it in due course.

Failure to embrace the suburbs to the west of the city can only lead to a housing crisis of epic proportions.

As I've mentioned continually through the past 15 months it has been the inner west which has been the hub of the action, with more auctions and higher clearance rates than any other region.

As also noted probably too often it is that sector of the market close to the median price which was always likely to see the heightened activity.

"The APM senior economist Andrew Wilson said heavy competition in Sydney's middle market put upward pressure on prices.

''It is in that $500,000-$600,000 price bracket where most activity has been in Sydney over 2012,'' he said."


It will be interesting to see whether Aussie shares finally snap their 10 day winning streak in today's trade.

Stocks in the US fell marginally as economic data was somewhat weaker than expected.

I normally find daily share market commentary incredibly tedious, but this is an unusual streak we are in the midst of.

In fact, we haven't, from memory, had a 10-day share market run like this for a decade when stocks were recovering from the tech wreck. That said, the recovery from the sub-prime crash through 2009 over the course of the year was a strong sustained run too.

Anyway, with US stocks looking to make minor losses, it will be a big test for the Aussie market today...