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).

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 is 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 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'.

"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 of the world's most popular & widely-read financial publications.

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

Monday, 16 February 2015

Sydney inner suburb auction "inferno"

Interesting to read what is happening with Sydney auctions over at Property Update here.

Dr. Andrew Wilson of Domain Group has described the Sydney market as "an inferno".

Wilson has noted that it is Sydney's inner suburbs which are really driving the market.

And his auction results stats confirm this.

Although the preliminary reported auction clearance rate was a scorching 83.3 percent, the numbers are higher still in the inner suburbs.

It has been said historically that a strong auction market commensurate with growth in Sydney sees auction clearance rates hitting at above 70 percent.

Above 80 percent clearance rates tend to be reflective of "boom like" conditions.
Our typically favoured upper north (92.0 percent), lower north (86.0 percent), city and east (89.4 percent) and inner west (91.4  percent) are all flying,

Price growth in the inner west region was once again very strong in 2014 at a rip-snorting 18 percent.

The north-west is a whole other story recording 100 percent clearance rate this weekend. Regular blog readers will recall the significant changes happening in this sector of the market related to rezonings.

Canterbury-Bankstown frequently records lower clearance rates due to stock of a somewhat mixed quality being listed, but will be in for a very solid year ahead, recording a preliminary 80 percent clearance rate,

Suburbs such as Campsie and Canterbury are gentrifying apace, so while they may not be the suburbs of choice today, they will be in time, with seedy old hotels being replaced with coffee bars and boutique shops, and the volumes of unsightly junk in front yards gradually receding (there should be some kind of index for this).

The average Sydney preliminary clearance rates were dragged lower by weaker clearance rates in regional and outer areas such as the central coast (50 percent), south west (67.9 percent), west (69.4 percent), and south (78.4 percent).