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.

Sunday, 30 April 2017

Sydney auctions rebound

Capped

Sydney's preliminary auction clearance rate rebounded to above 80 per cent this weekend on lower volumes. 

The auction clearance rate for the corresponding weekend last year was below 70 per cent. 

Despite the strong weekend result, average mortgage sizes appear to have stalled in New South Wales, as I've looked at here on this blog previously.

Caps and serviceability criteria introduced by the regulator have made access to credit a little tighter.

The median auction price this weekend was $1,230,000. 


The median auction price for houses was once again only marginally higher than on the same weekend last year at $1,350,000. 

However, the median auction price for units at $890,000 was up by 7.3 per cent from a year ago, or $60,500 higher. 

This suggests that some buyers may have been pushed into the lower price brackets by lending restrictions. 

That said, there's still been some action at the very top end of the market.

Domain reported that Atlassian's Scott Farquar paid for the mother of all purchases at around $75 million for the famous Point Piper residence 'Elaine', formerly a Fairfax owned home. 

That is a record for a Sydney residence and will represent a lazy $5 million or more in stamp duty heading into the state government coffers. 

Somehow in this instance I don't think the buyer was impacted by tougher lending criteria, though.