REAL ESTATE

Evening Post, Volume CXVI, Issue 85, 7 October 1933, Page 12

REAL ESTATE

INSTITUTE'S YEAR

HOUSE SHORTAGE PREDICTED

'The Real Estate Institute of New Zealand, Wellington branch, reports:—'"Building of .ill descriptions has been largely at a standstill during the year.. The reopening of the subsidy under No. 10 scheme by the Unemployment Board has certainly resulted in stimulating a certain amount of activity, but the benefits have i hardly been felt yet. It would apffear, ('however, that the principal difference will be in buildings of the larger type and dwellings will not be very much affected, and the time is not now far distant when a housing shortage in Wellington will be inevitable. "Meantime freehold values are difficult to determine, as there is very little real market, and rentals have, shown further decrease.' The position is not likely to alter much until confidence is once more restored in the. community." The institute also reports that throughout New Zealand much trouble has been experienced through persons carrying on land agency, without a licence, and Wellington has bqen no exception. In cases where prosecutions have been carried out, the fines inflicted by the Courts in the past have not been a deterrent to this class oi' offender, but recently the institute has made representations to the Govern- i ment-on the point and deputations .have ! waited on the Minister of Internal Affairs and the Commissioner of Police. As a .result it is confidently anticipated that it will be more difficult for this- class of offender, to escape prosecution 'and ihut 'penalties'will'be more severer The.report in reference to farm lands j states that with Ike extremely low prices ruling during the greater portion of the, year business in sutfli land has been very restricted. The pegging of the exchange rato in January tailed to stimulate this market very-much. "If the present improvement in farm produce prices i.s maintained,'' the report continues, ''confidence should 'return and result in better business." ' ' ' ■ The report concludes with the thanks of the president, Mr. J. Gordon Hnrcourt.' to nil members of the'committee who have worked Well together in the institute's interest?. He also placed on record the indebtedness of'the institute to the secretary,' Mr. Burdckin, who had never spared himself ov his time in any work, or advice ihat he had been called upon to give' in the'interests of the real estate profession.