Town Property Sales At Record Level

Press, Volume CIV, Issue 30804, 16 July 1965, Page 3

Town Property Sales At Record Level

(N.Z. Press Association—Copyright) WELLINGTON, July 15. About one in 11 properties in urban districts in New Zealand was sold in the year which ended on March 31 last. The total number of transactions was 59,983 —8000 more than last year—and the amount involved was £181335,734. an average of £3023, said the Valuation Department, in its annual report presented to Parliament today.

“This indicates a big shift of population, while the capital sum involved has reached major proportions.” A total of 3849 objections was lodged against the new valuations of the 231,796 properties revalued during the year, said the report. A proportion of these were “protective” only, being lodged within the objection period of one month, and withdrawn later after the owner had more fully considered his valuation.

This year, there was a big increase in the number of owners who objected on the grounds that the department’s estimates were too low. This group represented 26 per cent of the total, double that of last year. The report said there had been substantial increases in the number of sales of farm properties in most districts. “Despite the reduction in ’ool prices, in most localities re trend in the price of land —when expressed as a per •ere basis—has been upward,” t’ e report said. Finance for the purchase >f better-class farm properties had been more freely available, particularly from Government sources. This factor, together with development and, increasing production accounted for a substantial part of the increased prices being paid. The report said in good

Commenting on the number of sales the report said:

localities, farms with undeveloped potentials continued to demand good prices and were in demand, while in practically all districts the demand for economic farm units remained unsatisfied. “It is significant that, despite a general buoyancy of

the land market. In certain rural township areas there is evidence that property values are not being maintained." In these localities, the report said, a number of transactions had taken place at prices marginally below the department’s valuation.