Property Prices Fall In Many Parts Of Country

Press, Volume CVIII, Issue 31658, 19 April 1968, Page 22

Property Prices Fall In Many Parts Of Country

(New Zealand Press Association) NAPIER, April 18. Falls in property prices have been recorded in many parts of New Zealand, but in some areas little change, save a slight easing, could be noticed, said a report issued by the Institute of Valuers, in Napier today.

In Napier, Hastings, Palmerston North, and Gisborne little change was reported, except an easing in prices for older homes. Farm prices dropped slightly, but were still high. Mr R. H. Rolle, for the institute, said the property market generally was standing up well to the adverse economic conditions. “While a slight easing in prices could possibly be anticipated there appears to be no lack of confidence in the

future of property, both urban and rural,” he said. "Except in the unlikely event of a substantial fall in building costs there is little evidence to indicate any substantial alteration in the value of normal, reasonably modern homes. The upward creeping of prices has been arrested. “The public and the legal profession are now more valuation conscious. More than ever before, buyers and sellers are obtaining advice before entering into binding commitments,” he said. The institute’s report said that in Auckland there was reported to be a fall in the

volume of sales and prices have fallen for the higherpriced properties and for old houses. In Whangarei the sales of urban property had fallen about 10 per cent in price and volume. Rural sales were down also about 10 per cent, with a 5 per cent easing in prices. There was a similar trend in the Waikato, and a very substantial drop in the volume of rural transactions. Farm sales have dropped about 20 per cent. In Taranaki there was a reduction in transactions and the prices of older properties fell 15 per cent, but there had

been a recent upsurge in demand at New Plymouth for modern homes. A recovery was starting in Wellington, where sales fell about 12 j per cent and prices about 7) per cent. However, older property was still badly affected. Only a mild slackening was reported in Nelson, and in Christchurch good houses held in price but old houses dropped and sales fell about 10 per cent. Rural sales fell about 15 per cent, but there was no evidence of a drop in farm prices. The situation in Dunedin and Otago was somewhat similar, Mr Rolle said. Fann land at Timaru and in South Canterbury was no longer reaching excessive prices. House sales eased about 15 per cent, with a fall in price particularly for old houses, which are selling at or below Government valuation. In Invercargill and Southland sales of farmland eased about 20 per cent. House property fell about 5 per cent, but there was no noticeable fall in the volume of house sales. I