Pete Wargent blogspot

Co-founder & CEO of AllenWargent property advisory & buyer's agents, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.

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.

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Thursday, 25 July 2013

APM: House prices rise by 5.4%

APM reports that house prices have increased...well, everywhere, over the 12 months to June.

While gains have been predictably weak in Adelaide and Hobart, house prices have increased very strongly in Perth (+7.5%), Sydney (+6.7%), Darwin (+5.7%) and Melbourne (+6.1%).

Median house prices are now at record highs in Sydney, Perth and Canberra, and even Melbourne is now only a fraction (-1.4%) below its previous peak. 

Therefore, the 'bull trap' theory - that prices would fade before returning to previous heights, thereby suckering new buyers - has failed to materialise in these cities.

Prices in Sydney look likely to continue growing with properties selling very quickly on average and the city recording scorching auction clearance rates in July.

Source: APM

APM also shows unit prices up strongly in Sydney (+4.9%), Perth (+9.3%), Melbourne (+4.2%) and Darwin (+10.3%) over the 12 months - but down in Adelaide and Hobart.

Sydney unit prices are also at new record highs this quarter.

This leaves the "Don't Buy Now" campaign which has been ongoing over the past few years in something of a sticky spot - how long are prospective buyers to be instructed to boycott buying a home while waiting for the promised major house price correction? 

Of course, prices can always fall, but second-guessing markets in this manner can be a dangerous game to play.