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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"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'.
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Saturday, 15 October 2016
Let's talk about stress
Strewth, you know things haven't been hunky dory for housing markets in your region when the central bank starts profiling financial stability risks in its bi-annual Review.
Housing loan arrears continue to deteriorate in the mining regions of Western Australia and Queensland.
I have actually heard much about this already from various sources - in some small mining towns the situation is beyond chronic - but now it's starting to feed through to the official data.
Interestingly, nationally applications for property possession are still declining as a share of the total dwelling stock.
But clearly this is not the case in mining hotspots.
High vacancy rates, falling rents, and falling prices are hammering property investors in mining regions, reported the Reserve Bank of Australia (RBA).
Banks have reported that in some regions even with big price discounts properties can't be sold.
The only minor consolation or "cushion" for households in aggregate is that in some of the worst-affected regions mining companies own a high proportion of the dwelling stock, so personal administrations, while rising in mining regions, nationally remain close to 15-year lows.
Though I doubt this feels like much of a consolation if you're the one stuck with an illiquid and depreciating asset.
The RBA profiled the Pilbara and the Kimberley region in coastal Western Australia.
And in Queensland, the RBA took a shufti at Townsville, Mackay, the Bowen Basin, Central Highlands.