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.

Tuesday, 18 July 2017

New car sales break records

Two-speed

Moody's reported that mortgage arrears fell in the eastern states, but increased further in Western Australia.

And we're seeing similarly divergent trends in most data right now, with the national economy generally improving, driven forward by Sydney and Melbourne. 

New motor vehicle sales blazed to their highest ever level in June, with a seasonally adjusted 102,275 units shifted. 

An enormous result! 


The result was driven by yet another surge in Sports Utility sales, with a record 40,395 sales recorded in the month of June. 


At the state level the boom was initially driven by a combination of tax breaks on asset purchases and a thriving Sydney economy, with annual sales in New South Wales surging. 

Lately, the boom has been driven by Victoria, following an explosion in population growth. 


On the flip side, production volumes continue to drop, with annual production down by 39 per cent over the past five years as the assembly industry wastes away. 


The wrap

Overall, this was a colossal month for new motor vehicle sales, suggesting that talk of widespread household financial stress is wide of the mark. 

The Reserve Bank's Minutes released today talked of a broad based improvement in the economy, and a new "neutral" cash rate setting being 3.5 per cent.

Aussie dollar to the moon!