Pete Wargent blogspot

Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), & CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).

5 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's one of the finest property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

"Pete 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 & charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, author of the New York Times bestsellers 'End Game' & 'Code Red'.

"The level of detail in Pete's work is superlative across all of Australia's housing markets" - Grant Williams, co-founder RealVision - where world class experts share their thoughts on economics & finance - author of Things That Make You Go Hmmm, one of the world's most popular & widely-read financial publications.

"Wargent is a bald-faced realty foghorn" - David Llewellyn-Smith, 'MacroBusiness'.

Sunday, 19 February 2017

Sydney Saturday

East is east

Television crews out in force. 

Coffee vans with their stalls set out as the buzzing crowds line the streets. 

What, pray, is being auctioned off here?

A fine Picasso, perhaps?

A rare and select manuscript of the Dead Sea Scrolls?

Er, well, no it's just a Sydney terrace, and not even a particularly good one. 

In fact, it was a deceased estate with no parking on title, a veritable "renovator's delight" in euphemistic real estate parlance. 

I lost track of the bidding after 15 minutes or so (my double-shot long black had gone cold by then), but I gathered enough to know it was well beyond the executors' reserve price and well into the $2m range. 

My long held thesis for the Sydney market is that the traffic in the city will over time become so gridlocked that eventually sought after properties close to the CBD in the eastern suburbs and lower north shore will become treated much like rare Picassos.

I didn't see much to change that opinion on Saturday. 

Thoroughfares such as Oxford Street and Bondi Road are more like car parks than through-routes these days as the Sydney population passes 5 million. 

To be fair, the construction of the Sydney CBD & SE light rail is causing some of the traffic disruption right now. 

Last weekend the final auction clearance rate for the eastern suburbs was 96.7 per cent, while the lower north shore wasn't all that far behind. 

The preliminary auction clearance rate for Sydney this weekend as reported by Domain was a punchy 83 per cent.

The median auction price was similar to the corresponding weekend last year at $1,227,500. 

Bigger listing numbers and auction volumes are expected next weekend. 

Hammer, Court, Judge, Justice, Law