Real-time thoughts & analysis of the markets, economy & more...
Co-founder & CEO of AllenWargent property market & hedge fund advisory.
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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.
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Saturday, 29 August 2015
Residex: "Astonishing" Sydney boom accelerates
Residex released its data and property market update to 31 July here which showed house growth over the quarter accelerate to "an astonishing" 7.6 per cent to be 21.2 per cent higher over the year.
As the below Residex graphic shows capital growth in Sydney has continued to outstrip by far that seen in other capital cities where average growth for the quarter was under 1 per cent.
Sydney median house prices have now blasted well past $1 million at $1,017,500
Regional house price growth was relatively soft across all states and territories on this index.
Sydney unit prices also recorded very strong 6.6 per cent quarterly growth to be 15.2 per cent higher over the year.
Residex has also recorded very strong growth in rents for houses and units over the past twelve months.
On the other hand median prices contracted in resources capitals Perth and Darwin over the past year.
These Residex updates are well worth a read.
Discussed in this newsletter is how the increasing population density of Sydney may have contributed to outperforming capital growth.
Residex considers that strong captial growth in Sydney could continue for the next few quarters before stabilising at a high level.