REAL ESTATE

Dominion, Volume 37, Issue 2, 28 September 1943, Page 4

REAL ESTATE

Keen Demand For Farms And Vacant Houses TOWN PROPERTY SELLS WELL “Country members report that there is a very keen demand for land of all classes, but very’few owners are willing to sell, as they consider that farm laud is as good an investment as any for their money at present,” says the president of the Wellington branch of the Real Estate Institute of New Zealand, Mr. R. A. Large, in his annual report. “Some of the better-class farms Jiave changed, hands at prices from. £7O to £BO an acre. Buyers are plentiful for small sheep areas, but these places are also difficult to obtain. Town property has sold very well throughout the year where possession can be got, and in some cases investors have bought tenanted houses. Building sections are also in fair demand. “In the city real estate business lias been good during the past year. Dwelling houses, of which possession could be given, have been in keen demand and prices have tended to rise. The supply of such houses has been limited. There has been very little demand for houses occupied by tenants and only occasionally have sales of these eventuated. The investor is not. very enthusiastic as a result of the operation of the Fair Rents Act.

“The scarcity of vacant houses has bad the effect of upsetting valuations, as financial institutions have naturally not been prepared to make advances on mortgages over houses bought for homes proportionate to the selling prices, while on the other band occupied houses have depreciated in value in many cases to less than the Government valuations of 1935. “Vacant sections, which during the past years have been difficult to sell, have improved somewhat and it is expected that recent legislation will have the effect of discouraging the sub-divi-sion of new blocks. Consequently odd sections in the suburbs will be more readily saleable and should be worthy of the attention of estate agents. Seaside sections have been in demand, perhaps (because of the low cost of holding white vacant. “Several central business properties have changed hands during the year. Prices in most cases have been reasonable,, softie being below the 1935 Government valuations.” ’