FALL IN HOUSE RENTS

Evening Post, Volume CIX, Issue 26, 31 January 1930, Page 8

FALL IN HOUSE RENTS

POSITION IN AUCKLAND

HINT TO LANDLORDS

(By Telegraph.) (Special to "The Evening Post.")

AUCKLAND, This Day.

Auckland land agents report a continued fall in house and office rents, which have reached their lowest level since the war. Several agents stated yesterday that rents, for suburban homes have dropped 20 to 30 per cent. during the last three or four years. "Our experience would show that 30 per cent, is conservative," remarked a representative of a city firm which does extensive business in city and suburban properties. "It is much more like 40 per cent. I could mention scores .of such cases; For instance, a house in Ponsonby, which has been on our books for many years, was fetching £2 10s in 1924. To-day it has been let for 27s 6d. Another house in the same district was let for &2 12s four years ago, and now earns only 30s. Houses in Epsom, which wo let for £2 to £3 a few years ago, are let for 20s to-day, and owners are glad., to get it. The history oi; one house is the history of tho whole property market. There is a serious slump in houso property. " The position was the same with regard to city offices, he added. Landlords were faced with heavy financial loss if they failed to heed tho prevailing tendency.