Pete Wargent blogspot

Co-founder & CEO of AllenWargent property advisory, 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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Saturday, 27 July 2013

Sydney auctions point to further price gains

The REIV reported a solid enough 72% auction clearance rate for Melbourne on Saturday.

In Sydney, APM reported an "extraordinary" 81% clearance rate, the third consecutive week in which the 80% barrier has been exceeded.

The activity levels continue to point to an ongoing price boom in the hot sectors of the market in Sydney.

Earlier in the week, APM reported that house prices in Sydney, Perth and Canberra are now at record highs with Melbourne only a shade below its all-time highs, although Brisbane and Adelaide still have a way to go if they are to follow suit.

Perth and Sydney have recorded gains of around 10% since their respective troughs of a little over a year ago and prices have increased reasonably well everywhere except for Adelaide.

But it's Sydney that is the real embarrassment for the chorus of voices predicting a "40% crash" half a decade ago, with prices well above all previous peaks.

Not only did dwelling prices increase by more than 20% as household incomes grew, the price gains actually now appear to be accelerating with properties selling remarkably quickly and a swathe of speculative investment capital flowing into the city.

If you're a follower of the weird obsession with daily house prices, RP Data has Sydney prices up around 5% in less than 50 days, and looks set to report increases of around 2% in July alone at the end of this month.

I'm not sure how those who called a crash so hopelessly wrong will explain that one away.