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.
"Pete Wargent 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'.
"Pete's daily analysis is unputdownable" - Dr. Chris Caton, Chief Economist, BT Financial.
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Monday, 26 September 2016
Sting in the tail
Auction clearances limped over the line at the end last year as the regulator intervened in the smoking hot markets.
That was particularly so in Sydney, where by the end of 2015 the odds of making a sale at auction were no better than a game of Two-up, without even the beer for compensation.
However, a couple of mid-year interest rate cuts have helped to breathe life back into the market of late.
Sydney's clearance rate was well up from 71.7 per cent the corresponding weekend last year to a dizzying 84.4 per cent, albeit on lower volumes, according to CoreLogic.
Even with the help of Super Saturday, the Eastern Suburbs has remained particularly short of stock, and prices are flying.
The lack of willing sellers in the east is something of a conundrum - either the four year boom has exhausted the supply of vendors, or excessively high stamp duty is resulting in 'asset lock-in'.
Or maybe after all this time people have just forgotten that prices move in two directions.
Melbourne's clearance rate of 79.1 per cent was also well up from the same weekend last year, when the clearance rate was 72.7 per cent.
These two markets accounted for well over 2,000 of the 2,445 auctions held, so on a weighted average basis the clearance rate was strong at 78.3 per cent, well up from 69.7 per cent this time last year.
This is also getting somewhat close to the record-breaking clearance rates seen in the frenzied middle of 2015.
This weekend was a pretty big test for the market.
Nest weekend won't be, however, due to far more important issues taking precedence in Melbourne at 1400 AEST next Saturday.
Yes, ageing UK rocker Sting will be performing live at the MCG.
Oh, and there's a game of footie as well. Go Swannies!