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, 20 May 2013

"Hovels selling for $800,000" in Sydney's inner west

Good old News Limited: today's article:

"SYDNEY'S property market has stepped up to the world stage with inner city prices topping those in Manhattan, Paris and London and uninhabitable hovels in the inner west fetching up to $800,000.

As the popularity of city fringe suburbs like Paddington, Darlinghurst and Surry Hills soars, some local listings are fetching more than $13,000 per square metre - pricier than lifestyle hubs in Manthattan, Paris, Hong Kong and London.

A dilapidated Newtown terrace with rotting carpets and holes in the ceiling, bequeathed to the RSPCA, sold at auction for $800,000.

"Years ago there was no comparing London and Sydney prices. But now despite what really is a minute population, Sydney is up there on the top 10 list of residential cities," he said.

"Sydney has become a 'lifestyle city' with people coming from all over the world to call it home. Even if they don't just work in Sydney, it has become a base for many international residents."

Mr Bright said lifestyle, location and view all came into play with Sydney real estate and when all those elements combined it lifted local property prices to international levels.

"I think that's why auctions work so well here, because you might have an idea of what a property is worth, but when there's a stunning view of the water, emotion kicks in and the price goes up," he said.

The theory held on the weekend in Newtown where 27 registered bidders did battle for a three-bedroom Denison St property with rotten carpets, stained and peeling wallpaper and sunlight streaming through the upstairs ceiling, which had been marketed with price expectations of over $650,000.

Zanita Morgan's winning bid raised $800,000 for the RSPCA after the property was left to the animal charity in the former owner's will. She said she and her husband, who bought the house with friends, planned to renovate and on-sell.

Last month, a 34sqm unrenovated studio in Elizabeth Bay attracted 42 registered bidders at auction and sold for $462,000, or $13,588 a square metre for a single room."