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.

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

Saturday, 6 July 2013

Bloomie survey sees unemployment 5.6%; housing finance jump

The latest Bloomberg survey expects unemployment of 5.6% next week, up a tick from 5.5% in May with only a tiny increase in jobs forecast.

Over the past year, jobs growth has been all about New South Wales, which has been reflected in a surging housing market in that state.

Employed persons
Graph: Employed Persons

Unemployment rate
Graph: Unemployment Rate

Source: ABS

The survey also expects housing finance to jump by 2%...so much positivity around the housing markets at the moment.

Meanwhile, what's happening in auctions?

Mebourne recorded a 71% clearance rate today (last week revised to 70%) from 317 reported auctions, a level which should be regarded as 'solid enough'.

In Sydney, auction rates continue to perform very strongly with a scorching 78% clearance rate last weekend.

The hot sector of the market remains the inner west with some 67 auctions today.

Hopes of a correction in Sydney have been dashed.

Dwelling prices in the city are now up by more than 8% since their lowest point of just over one year ago.

As there tends to be a time lag in the data, strong auction clearance rates such as are still being recorded suggest that Sydney's price gains still have some way to run yet. 

After that, investor attention should probably turn to Brisbane.

More experienced heads such as Michael Matusik suggest that housing recoveries tend to "head north" in Australia. 

And Brisbane is overdue for a better run, particularly for those who buy the in-demand property types and in the right locations.

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Great stuff at Wimbledon yesterday, teeing up a thriller of a final between Britain's Andy Murray and Novak Djokovic on Sunday. Lions vs. Wallabies kicking off in less than one hour's time...