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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"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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Wednesday, 15 February 2017
Capital city land prices rise
Lot prices up
The median lot value in Australia rose by another 3.3 per cent in the September 2016 quarter.
The Housing Industry Association (HIA) reported that the median lot value hit at a record high of $243,585.
Since June 2012, the median lot value has increase by 28 per cent or nearly $54,000.
The picture around the country was mixed.
Land values in the Kimberley have well and truly crashed by 74 per cent from the prior comparative period, for example.
At the other end of the scale Sydney's median lot value is not approaching $1,000 per square metre.
Perhaps this is not all that surprising given that volumes were down by nearly 30 per cent in Sydney year-on-year, with a dearth of shovel-ready land being made available.
The next most expensive city for vacant land prices is Perth at $701/sqm.
The volume of lot sales increased to 1,121 in the quarter, following some low volumes in previous quarters.
Indeed, volumes were still some 7 per cent below their 2015 peak, according to the HIA.
Overall, capital city land sales rose by about 10 per cent in the year to September 2016, reflecting higher demand and generally stronger economic conditions, while volumes across regional Australia posted a gain of just 1.1 per cent.