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.
Tuesday, 9 June 2015
Auction clearances through 90 per cent in Sydney
Sydney to $1 million
I recently wrote an article for Business Insider on why I believe that Sydney's median house prices are headed to $1 million.
From what I have seen in Sydney the market appears to be accelerating towards this level with short shrift.
At the weekend, CoreLogic-RP Data reported a preliminary national clearance rate at 79.2 per cent, up from 78.9 per cent a year ago.
Sydney recorded a thunderous preliminary result of 90.1 per cent from a lower denominator this weekend.
CoreLogic-RP Data's Cameron Kusher has produced some cracking charts which cut to the core of the issue, most notably a dearth of quality stock on the market.
But even these charts somehow seem to understate the magnitude of the present imbalance.
In the popular areas where people want to live and invest, listings being snapped up in a frenzy.
New listings are low enough, and total listings are even worse in Sydney, well down on a year ago.
Total listings peaked at above 40,000 in early 2012, but have now plummeted towards around half that level.
For reasons I can't quite fathom some commentators claimed that Sydney prices have been falling through the month of May.
They need to get out from behind their laptops and into the real world.
It's a property market mania in Sydney right now, and a very, very difficult environment for buyers.