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 finest 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.
Wednesday, 8 February 2017
Asking prices jump in Sydney & Melbourne
Asking prices rise
Thus reports SQM Research in its weekly residential newsletter.
Asking prices for houses in Melbourne are 11.4 per cent higher than a year ago, and in Sydney the figure was 11.5 per cent.
Hobart also recorded outsized gains, while Brisbane, Canberra, and Adelaide each recorded moderate increases.
A key driver appears to be a lack of new stock being brought to market, with upgraders perhaps discouraged by prohibitive transaction costs in the form of stamp duty.
Nationally listings were down by 5.5 per cent from a year ago, with Melbourne in particular chewing its way through a previously elevated number of listings.
Sydney listings were down by 6.6 per cent in January from a month earlier to just 21,633 (remember that Sydney is Australia's most populous capital city, and this number is much lower than in Melbourne, and even Brisbane and Perth).
It's still quite early in the year to make an accurate assessment, but if this trend towards a constipated market continues there will be a relatively high amount of competition for not much stock this year in Sydney and Melbourne.