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).

5 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 finest property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

"Pete 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'.

"The level of detail in Pete's work is superlative across all of Australia's housing markets" - Grant Williams, co-founder RealVision - where world class experts share their thoughts on economics & finance - & author of Things That Make You Go of the world's most popular & widely-read financial publications.

"Wargent is a bald-faced realty foghorn" - David Llewellyn-Smith, MacroBusiness.

Sunday, 16 March 2014

Thunderous property price growth in March?

According to RP Data's Daily Home Value Index (after February showing Sydney being up but prices elsewhere flat or down) property prices are already up 1.8% in the first half of March, driven by very strong price gains in Melbourne and Sydney.


Look out for any signs of disapproving shifts in tone in the Minutes of the March 2014 Monetary Policy Meeting when they are released by the Reserve Bank on Tuesday morning.

When markets begin to gather momentum in this manner, history shows that it can take some corrective action to bring them back under control.

The cash rate remains at a generational low of just 2.50% and mortgage rates are exceptionally low.

Australian Property Monitors (APM) showed another tremendously strong auction clearance rate of 81.8% on Saturday night.

This was the 7th consecutive weekend where the market recorded a figure in excess of 80%.

The corresponding figure for the equivalent weekend last year was 75%.

APM noted in its weekend wrap how the harbour city is getting set to build more dwellings, while the New South Wales economy is getting stronger:

"Latest ABS building approval data for Sydney continues to provide positive news for housing market supply and local economic activity. 2,809 dwellings were approved for construction in Sydney over January which 31.3 percent higher or 669 more than the 2,140 that were approved over January last year.

More good news on the economy with the ABS New South Wales unemployment rate steady over February at 5.8 percent with 36,400 full-time jobs added over the month. New South Wales now has the lowest unemployment rate of all the states
And first home buyers continue to find their way back into the housing market with the ABS reporting 970 first home buyer loans approved in January for New South Wales which is  195 more or 25 percent higher than January last year.
The extraordinary performance of the record breaking Sydney autumn home auction market will only be enhanced by the recent good news on the performance of the local economy."