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.

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

Saturday, 31 August 2013

Barangaroo...off with a bang

As expected the new release of apartments at Barangaroo generated so much interest that they were all sold within 3.5 hours, including the $10.5 million penthouse.

In recent years, people have erroneously suggested that Sydney's property market can't move higher due to affordability issues. Instead prices are rising very strongly and look set to continue to do so.

25% of the sales occurred interstate or off-shore, suggesting that foreign capital plays a significant role in pushing up prices close to the CBD in the major cities such as Sydney.

The new development selling at such premium prices is likely to continue to push up prices in adjacent suburbs such as Millers Point and Pyrmont.

From SMH:

"All the apartments in the first-release at Barangaroo sold out at Saturday's early morning launch, including the penthouse which sold for $10.5 million to an Australian expat living in Geneva.

It was Sydney's most highly anticipated apartment launch since Bennelong 20 years ago. And, unless someone knocks something else down, the last CBD waterfront development ever.
Developers Lend Lease and agents CBRE refused to confirm the total value of the apartments sold but with one-bedders at $1 million, two-bedders at $2 million and three-bedders at $3 million, on my calculations total sales exceeded $300 million.
Apart from the $10.5 million paid for the two-level four-bedroom penthouse in a section of the Anadara block known as The Cloud, the sub-penthouse also sold for $7.5 million.
Across Anadara and the other block, Alexander, the prices were up to $40,000 per square metre.
More than 6500 people had registered interest and there were unconfirmed rumours that at least 500 had put down a $10,000 refundable deposit to secure an appointment where they could finalise the purchase.
There were only 159 apartments available.
Lend Lease's Barangaroo South managing director Andrew Wilson said there were no surprises for buyers on Saturday. ''There's been a lot of planning,'' he said. ''There's been three or four weeks of our customers coming in looking at the apartments [in the display suite], looking through plans ... by today most of our customers know exactly what they want and the prices they want to pay.''
The first buyers to arrive in the suite were a well-dressed couple who live at Walsh Bay that own about 40 apartments around the CBD. They bought a couple of two-bedroom apartments.
Another buyer, the Sydney property developer, Andrew Richardson, snapped up two apartments - a one bedder and two-bedder in Anadara's Cloud priced at $2.5 million and $3 million. ''The combination of the best site in Sydney and the extraordinary design of the whole precinct I think makes it a great investment and a good place to live,'' Mr Richardson said.
The penthouse, which had four buyers interested in it including several off-shore, had sold by 9am. CBRE Residential chairman Justin Brown said it was unusual for the penthouse to sell on launch day. ''He realises this is a trophy property ... this gentleman whose family came here today to sign the contract has followed the process for some time,'' Mr Brown said. The buyer intends to return to live in the apartment, which will will be complete by late 2015.
All the apartments had sold within three-and-a-half hours. Seventy five per cent of the sales occurred in Sydney with 25 per cent interstate or off-shore. The apartments were also launched in Hong Kong, Singapore and Shanghai on Saturday. The next Barangaroo apartments go on sale within 18 months. Buyers who missed out this weekend go to the front of the queue.
Apart from Saturday's launch at Barangaroo, there were 550 auctions scheduled in Sydney for what was an unofficial start to the spring selling season. Many auctions originally intended for next weekend were brought forward because of next Saturday's election."