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.
Monday, 16 February 2015
Motor vehicle sales decline in resources states
New motor sales flatlining
The ABS released its Sales of New Motor Vehicles figures for January 2015 this morning.
There were a seasonally adjusted 93,104 new motor vehicle sales in January, a slight increase on the prior year figure.
On a rolling annual basis, new motor vehicle sales are easing gently.
A great bulk of new unit sales are being driven by Sports Utility Vehicle (SUV) sales as the popularity of the traditional passenger vehicle wanes.
Mining regions in decline
The most notable trend from this data series is how new motor vehicle sales are falling in resources regions, including some of those in the Northern Territory (-7.1 percent y/y), Queensland (-1.1 percent), Western Australia (-5.9 percent) and South Australia (-2.0 percent).
Over the past month on a trend basis the largest declines were seen in Western Australia (-0.9 percent) and South Australia (-0.6 percent).
On a seasonally adjusted basis the Northern Territory and Queensland recorded the greatest declines.
Anecdotally we are hearing of a good many "changes in circumstances" for mining contractors in regional Queensland.
It seems likely that this is being reflected in parts of resources rich Western Australia and the Northern Territory too.
Overall, we can see reasonably volumes of healthy motor sales in the larger cities which are being pulled back by declining sales in mining and resources regions.