AUCKLAND LAND BOOM.

Dominion, Volume 6, Issue 1635, 30 December 1912, Page 5

AUCKLAND LAND BOOM.

feEAL ESTATE SALES SLACKENING:

(By Telegraph.—Press Association;) Auckland, December 29. Although it is difficult to obtain houses In and around Auokland at anything but high rentals there does not appear to have been the same business done latterly, in ■the actual purchasing of properties as was the case ■ during tho same period of last year.'.This inference was :drawn by _. u • Star"- reporter from the information

tivehto him by land agents upon whom e waited to ascertain what, the present position...was in land and house speoula- '; tion. One agent explained that last year a 'large business had been done in the sale, of-workers' dwellings on small deposits of .£SO or 60. Money now was so tight, however, that owners having their money locked up would not take a second : mortgage. Thus deal after deal in these small dwellings had been cried off. Last year there had been quite a boom in land speculation. At. Takapuna and Rohimaram'a large-areas of land had been cut ■up'into: building allottments, and. for city, suburban, and country land Generally there was a keen demand. To sell at present a property had to be exception-ally-good. , Many factors contributed to the tightness of money. The Chinese loan was one, another was :. that capitalists could-obtain 7 per cent in Canada, and this being so they did not worry about New Zealand, v ...'■■

Another agent said that he anticipated that there would be a good deal, of speculation in boardinghouses, as the exhibition drew. ••.nearer,, and business would probably increase as far as country sales were concerned. He found that purchasers were loath to take tip a second mortgage for a,term of;years at G| per cent, with tho prospect that in 12 months tho rate might fall to, 5 per cent.