Pete Wargent blogspot
Co-founder & CEO of AllenWargent property buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place), and CEO of WargentAdvisory (providing subscription analysis, reports & services to institutional clients).
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.
Sunday, 14 May 2017
Impetus holds in Sydney
There was a big uplift in the number of Sydney auctions this weekend to just shy of 800, considerably higher than both the preceding weekend and from last year.
Despite the changes to the availability of depreciation deductions for negative gearing expected to be legislated following the Budget, there was still market momentum in evidence, at least in the sales reported to date.
Sydney's preliminary auction clearance rate rose to 79.3 per cent on Saturday, well up from the final clearance rate of 70.3 per cent last weekend, and also ahead of the 76 per cent recorded for the same auction weekend of last year.
CoreLogic reported a very similar preliminary clearance rate of 79.4 per cent, with the results of well over 900 Sydney auctions to be collated over the course of the week.
The preliminary median reported auction price was $1,275,000, up by nearly 14 per cent or $155,000 from $1,120,000 on the same auction weekend last year.
Although there is stacks of equity sloshing around the Sydney market, the median auction price for houses appears to be struggling to rise much further, perhaps due to serviceability constraints, up from $1,365,250 to $1,417,500 for a year-on-year increase of just 3.8 per cent or $52,250.
Unit auction prices showed a stronger uplift from $803,000 last year to $927,000, a much larger equivalent increase of $124,000 or 15.4 per cent.
There were some big pries paid for apartments in the inner suburbs of the lower north shore and in Surry Hills.
Despite this unfolding trend there was clearly still appetite for houses in Strathfield, with by far the biggest recorded sale of the week notching $8.8 million. The sale was not to a Chinese buyer.
Huge week of news ahead, kicking off with the March 2017 Housing Finance data tomorrow morning.