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 Hmmm...one of the world's most popular & widely-read financial publications.

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

Thursday, 20 March 2014

Trivia answer

On a slow afternoon a couple of days ago I posed a trivia question

"These grand-looking townhouses at 23-24 Leinster Gardens, which lie between Paddington and Bayswater in London, haven't appreciated in years, despite London's property boom."

leinster

The answer (if you haven't already looked it up) is that the houses are completely fake addresses.

23-24 Leinster Gardens is a five-storey facade or a dummy address, built many decades ago to disguise the ugly venting off of steam by London Underground tube trains which occurred behind the facade on the Paddington-Bayswater section of track which was built in the 1860s.

The original tube trains on the Metropolitan and District Lines were steam-driven and therefore the 'underground' still needed open air stretches of track in order to let off steam.

Although today's new tube lines are constructed using sophisticated drilling techniques, the original lines were built using a "cut and cover" technique which essentially meant digging down from the surface to lay a track and then covering the tunnel over again. 

Naturally this caused a great deal of disruption on main roads and thoroughfares, but the tube lines still run today, testament to their great success.

Closer inspection shows that all of the 18 blackened 'windows' of 23-24 Leinster Gardens are false as noted on this great blog here.

23-24 Leinster Gardens, Paddington, London W2

And if you pop round the other side to the bridge on Porchester Gardens you can see for yourself that behind the facade, the building has no substance.

23-24 Leinster Gardens, Paddington, London W2

The fake addresses have provided no end of fun for pranksters over the years who order takeaway pizzas to be delivered or taxis for bogus pick-ups.

Famously back in the 1930s a fraudster make a small fortune by selling 10 guinea tickets for a charity ball at 24-24 Leinster Gardens. 

When the guests arrived in full evening dress and knocked on the fake door, they soon realised that something wasn't quite right...