Property Bureau Did film Business In 1959

Press, Volume XCIX, Issue 29107, 20 January 1960, Page 17

Property Bureau Did film Business In 1959

* A co-operative organised by a group of Christchurch land agents last year put through ’ more than £ 1 million worth 4 of business.

The co-operative, known as the Multiple Listing Bureau. was in its second

year of operation. 1 It is a non-profit organisation with more than 40 members who all belong to the Canterbury Real Estate Institute. • The bureau had had 809 properties listed with it for sale in 1959. the institute president (Mr K. K. Baker) said yesterday. Of these, 323 had been sold within the two months sole agency period. Many others had been ipld soon after. ‘ “Forty per cent, is very good when it is considered that with Similar bureaux overseas a good average is 30 per cent, of sales,” ]Jfr Baker said. t The Christchurch bureau takes 8 5 per cent, cut from sale commissions for its administration expenses and the remainder is divided between the listing agent and the selling agent. The lister takes one-third; the seller twothirds of the commission. “No Evidence”

• Mr Baker said that over the last year land agents in Christchurch had seen no evidence of the slight recession which had been talking of. Business was normal, with no slackening off. and no marked increase. * There was still plenty of property available and the demand was good. Record Price

Prices had had virtually no change over the year and were “fully firm on the standards of the previous two or three years.” In one or two instances prices

were up, and, in fact, 1959 had had the record price for a building section in Christchurch—a 24 perch stream front lot in a Clyde road subdivision which had gone for £3OOO.

Commenting on financing property purchases, Mr Baker said that generally there was no difficulty in arranging mortgages on reasonable securities. 6 Per Cent.

However, interest was tending to rise fractionally and although 5i per cent, was still standard some lenders were asking more. It was not as bad as in Auckland where 6 per cent, had been a regular rate for some time. The State Advances Corporation was continuing its policy of lending to the public only for newly-built dwellings; insurance company loans ranged for ready built properties from new up to between 25 to 35 years in most instances; and building societies, solicitors, trust funds and other agencies were lending on individual merits.

"The outlook is bright and with Christchurch growing apace there is no reason for it not being even better,” Mr Baker said.