Pete Wargent blogspot

Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), & 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's 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 & charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, author of the New York Times bestsellers 'End Game' & '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'.

Monday, 27 April 2015

Preliminary auction clearances highest on record

Market pauses for ANZACs

A quiet weekend as Australia paused to reflect for ANZAC day.

Nevertheless, in the property sphere there were still 550 auctions held.

Of those reported, RP Data recorded the highest auction clearance rate on record at an incredibly high 84.3 per cent.

This is a remarkable result and a level not previously seen on this index.

These figures may be revised down in due course.

Source: RP Data

Clearance rates were extraordinarily high in Sydney (91.1 per cent), Melbourne (87.4 per cent) and Brisbane on low volumes (90.9 per cent). 

Adelaide mustered only a 55 per cent clearance rate, also from low volumes, down from 64.4 per cent on the same weekend last year.

Source: RP Data

Sydney's market remains the strongest in the nation with clearance rates dramatically higher than the same weekend a year ago (71.3 per cent).

Source: RP Data

A quieter week ahead for market news.

It will be a lively enough start to the weekend for iron ore stocks with the spot price leaping by 5.6 per cent from US$53.80/tonne to US$57/tonne.

Of particular interest this week will be the March 2015 private sector credit data, due to be released on Thursday morning.

The February data, which I looked at in detail here, showed housing credit surging driven forward by investors.

However, the Reserve Bank may now be expecting to see investor credit reaching a plateau.

The February data also showed business credit expanding by 5.6 per cent, the best result since February 2009.

Market forecasts tip total private sector credit to mirror the February result, expanding by 0.5 percent.