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, 25 February 2017
Deuces are wild
Wild Sydney Saturday
Very busy in Sydney today, in spite the atrocious end-of-season weather, with prospective property purchasers and the traditional tyre-tickers out in force alike.
Can't say for sure what's going on across the wider Sydney market, but in the eastern suburbs and inner west auctions were packed out with some seriously cashed up buyers and bidders.
Unlike in the United Kingdom where there are punitive inheritance taxes even for moderate estates, Australia has long since abolished its state and federal death duties.
There are some seriously cashed up buyers around in markets that have experienced strong price gains like Sydney, with dozens of bidders registering at auction, even for properties selling in the $3 million plus price bracket.
And accordingly there were some monster auction results east, west and north of the City today: from Marrickville to Maroubra to Mosman, from Drummoyne to Dee Why, to Bronte and Bondi.
Today's median auction price in Sydney was $1,420,000, some 18 per cent higher than a year ago.