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.

Sunday, 4 December 2016

Summer starts in Sydney

Softer start

A huge week of auctions to kick off summer in Sydney with some 1111 homes going under the hammer as the long summer break approaches. 

Although this was a large number of auctions, activity levels are still some way down on a year ago. 

The preliminary auction clearance rate according to Domain was down a bit to a still-strong 75.8 per cent.

Patchier in parts

While the inner suburbs are still firing, there were plenty of examples of auctions passing in out west, while auction after auction in both Bankstown and Blacktown failed to deliver a positive result, and likewise Cabramatta.

While on the 'B' theme, in the east almost everything in the four suburbs of Bondi that is touched is turning to sold, and the same is true of Randwick and Surry Hills.

Meanwhile the north shore suburbs such as Lane Cove and the northern beaches (Dee Why, Manly, etc.) continued to power on relentlessly.

The sheer strength of results in suburbs to the north of the coathanger through this cycle has been something to behold.

In Marrickville in the inner west, everything sold under the hammer. 

There are some signs that affordability is biting, with attention shifting to properties in the lower percentiles in the popular suburbs.

Indeed, the median auction price for units increased to $892,500 from $850,000 last week. 

On the other hand, the median auction price for detached houses slipped a little from $1,410,000 top $1,380,000.

This dynamic took the reported auction median overall down a notch to $1,200,000 on the day.  

On a 4pMA basis, the median reported auction price was down a little from the record high of $1.27 million a fortnight ago to $1.23 million.

Not lot to go now until Christmas when everyone can take a well-earned breather.