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'.

Saturday, 12 July 2014

40% of Sydneysiders speak a non-English language at home

A very interesting article in the Sydney Morning Herald today which puts a different spin on the concept of "foreign buyers" of property in Sydney.

The percentage of Sydneysiders who speak a community language at home has increased rapidly from 27pc of residents in 1996, to a much higher 38pc in 2011.

In 21 suburbs, English is not the most common language, with only 12pc of residents in Cabramatta nominating English as their first language. Notes the article:

"Nearly 40 per cent of Sydneysiders speak a non-English language at home. More than 250 languages are spoken in Sydney.
Arabic, which dominates the western suburbs, is the most widely spoken non-English language. Mandarin and Cantonese, found predominately in the north shore, are the next most common languages."

The Foreign Investment Review Board itself bemoaned in a pointed manner the repeated complaints it had received about so-termed "Asian buyers":

"The Foreign Investment Review Board chairman, Brian Wilson, told the House of Representatives economics committee: 

“I think it’s fair to say almost all the public commentary around residential real estate buying by foreigners has an Asian component to it.

“Very often, where we might get a call that says ‘a Chinese has bought this house and my daughter wasn’t able to do so’ and it’s investigated we find yes, they’re of Chinese background but they’re a citizen – they live here,” Wilson said."
We've encountered similar issues ourselves as property buyers.

On occasions people have noted a preponderance of interest from "Asians" in certain properties, which overlooks the fact that in many of Sydney's suburbs, the overwhelming majority of residents are actually of Asian heritage anyway.