Pete Wargent blogspot
Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).
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.
Thursday, 16 January 2014
Sydney unit rents are soaring (+5.4%y/y)
The latest data from Australian Property Monitors (APM) shows that rents for Sydney units are soaring at way above the rate of inflation.
By December 2013, the median weekly asking rent had jumped all the way to $485/week up from just $460 /week in December 2012 (+5.4%y/y).
This is reflective of the massive demand for unit dwelling in the harbour city, a trend I've been discussing over the past few years.
On the other hand, median weekly asking rents for houses remained dead flat in Sydney.
Interestingly, the oversupply of apartments in Melbourne (in certain areas, at least, such as Docklands) has kept unit rents flat there also.
I was very interested to hear Alan Kohler forecasting 10% dwelling price growth for 2014 on Business Spectator yesterday.
He may or may not be right on a national level, but in my opinion he's had a Joey Cocker picking 10% growth for Canberra.
With job cuts on the line in the ACT and median weekly asking rents plummeting for both houses and units, I would frankly be amazed if Canberra dwelling prices show anything like that level of growth.
Median weekly asking rents also fell for houses in Hobart (-3.1%y/y), although the smaller samples may be reflected in a little more volatility in this data series.