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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Monday, 14 October 2013

APM sees "unquenchable" thirst for Sydney property

Australian Property Monitors reports on the weekend property frenzy in the harbour city:

"Sydney’s recorded-breaking spring auction market continues to boom with another stunning clearance rate of 85.9 percent recorded at the weekend.

Weekend auction clearance rates in Sydney have averaged just under 85 percent since the spring selling season began in September.
This is a remarkable performance considering that listing numbers have been considerably higher this spring so far compared to the same period a year ago with nearly 800 extra properties going under the hammer.
This weekend was no exception to this trend with a high clearance recorded despite 714 scheduled auctions – the highest weekend listings total for the year so far.
Sydney’s south produced the highest clearance rate at the weekend with an exceptional 95 percent result. This was followed by Canterbury Bankstown with 89 percent, the inner west with 87 percent, the north west with 86 percent and the lower north shore with an auction clearance rate of 83 percent.
There currently appears to be no end in sight for Sydney’s record-breaking spring auction market boom. But significant tests are to come over the next few weeks with record or near-record auction listings being driven by sellers rushing to take advantage of a super-heated housing market.
Meanwhile there seems to be an almost unquenchable thirst by buyers for Sydney residential property."
This is supported by RP Data's 'Time on Market' index which shows properties selling ever faster in Sydney. Auction campaigns have been running for shorter periods of time in the past fortnight.

Source: RP Data