PROPERTY MARKET
RETURNING CONFIDENCE
The Canterbury-Westland branch of the Kcal Estate Institute of New ; Zealand, ivhile admitting that the months of June and July have always been slow trading periods and this year has proved no ex? ception, remarks'that "there is now ample evidence of reviving business due to the returning public confidence, stimulated hugely by the extremely low rates of interest now ruling for deposits and giltedged investments. "The main avenue for the employment of capital,has. always been in first mortgage on real estate and the increasing pressure b£ idle capital is now manifesting itself in a return" of confidence in this class o£ investments which must undoubtedly create employment for many sections of the community, particularly throughout the many ramifications of the building trade.- This, is usually a.precursor of revived business. The piling up o£ capital in unproductive channels, which is expected to be considerably augmented during August, has already reached saturation point." .' ' . . ■ ■ , „ , The real estate business in the Oanter-bury-Westland area transacted during July shows considerable improvement on any previous two months of this' year combined. The sales, include two city blocks, each o£ more than £5000, another which realised about £20,000, and another, which changed hands at a price understood to be between £12,000. and £13,000. Two more transactions' for new city picture theatres were also recorded, thus, showing the confidence of large investdra in the safety of city investment.
The revival of the building bonus is a feature welcomed by the building trades generally, but from the standpoint of the home owner it has to be remembered that the building' bonus undoubtedly has a steadying effect on house values. Owners of sections, however,'reap some benefit as there is certainly a tendency to build to suit one's own requirements. Sales of sections reported include properties at all values from £100, £200, £250, up to £550. ■ ■■ '
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Bibliographic details
Evening Post, Volume CXVIII, Issue 28, 2 August 1934, Page 9
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308PROPERTY MARKET Evening Post, Volume CXVIII, Issue 28, 2 August 1934, Page 9
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