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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Tuesday, 17 September 2013

Sydney auction clearance 84.1% (2012: 57.5%) - "strongest market in over a decade"

A stark contrast in the Sydney property market year-on-year, with clearance rates, activity and sentiment rocketing, and prices now beginning to follow suit.

Amazing to think as recently as the end of 2012 some were still mistakenly predicting a meltdown in prices, yet in Sydney we now have the "strongest auction market in over a decade".

I always felt that (especially with Sydney having been a relative underpeformer since Q1 2004) that the major capital cities were the best risk-adjusted bets over the past 5 years, but I must admit that even I wasn't expecting the harbour city market to be as strong as it is now becoming.

APM's market report which you can read in full here, neatly sums up the monumental shift in sentiment:

"The Sydney weekend home auction market recorded yet another extraordinary result on Saturday with a clearance rate of 84.1 percent. Sydney’s weekend clearance rate has now remarkably exceeded 80 percent on 9 out of the last 10 weekends with the only exception the 79 percent recorded on August 24th.

This weekend’s clearance rate in Sydney is nearly 30 percent higher than the 57.5 percent recorded over the same weekend in 2012 reflecting how much buyer activity and housing market confidence has increased over the past year.
This weekend’s strong result was achieved despite the highest number of properties offered for sale at auction since the Super Saturday pre-Easter weekend of March 23rd six months ago. The auction clearance rate recorded on that weekend was 70.5 percent, nearly 15 percent lower than this weekend’s rate.
Sydney’s inner west was again the most popular suburban region for auctions at the weekend and also produced the highest clearance rate of all the regions at 89 percent. Canterbury Bankstown also recorded an 89 percent clearance rate at the weekend with next best  Sydney’s west with 82 percent followed by the north west and upper north shore each with an 81 percent weekend clearance rate.
Buyers at Sydney’s weekend home auction market continue to relentlessly secure property with seemingly inexhaustible demand levels regardless of high listings.  Sydney is now clearly in the midst of its strongest home auction market conditions for over a decade."