Pete Wargent blogspot
Co-founder & CEO of AllenWargent property advisory & buyer's agents, 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, 11 June 2016
With the future of Whyalla's steelworks remaining up in the air, the property market appears to be at risk of imploding.
With vacancy rates above 20 per cent and rising, median asking rents appear to be dropping at a quite alarming pace.
Asking rents down by about 30 to 50 per cent over the last three years, with the pace of the decline having accelerated over the past year, and more so over the last quarter.
Source: SQM Research
This can be a pervasive risk for towns that are so heavily reliant upon one or two industries or firms for employment and for the local economy to thrive.
The administrator's call for government assistance to support the Arrium steelworks was rejected by Prime Minister Turnbull.
The Labor state government has pledged support in the form of a $50 million funding facility for the prospective new owner of Arrium - were such a deal to be found.