Healthy Reaction Follows Relaxed Land Sales Control

Greymouth Evening Star, 24 September 1949, Page 2

Healthy Reaction Follows Relaxed Land Sales Control

AUCKLAND, This Day (0.C.) — Relaxation of control on land sales in several Australian States has been followed by a healthy reduction m prices from the former black-market level. Legislation, except that over country land, has been repealed in Victoria and Queensland, and tne New South Wales Act expired this week. . . , , Reports from Victoria show tnai the market for urban lands quickly settled down when controls were removed. Buyer resistance increased and no signs of panic were in evidence. There was a definite increase in the number of properties offered lor sale and an unexpectedly large number of homes for sale witn vacant possession came ,on the market. Prices were below those attaining during the control period. Position In Queensland In Queensland, like Victoria, country land is still controlled. Queensland controls have been removed from unimproved land, other than country land with a price not exceeding £2OO, dwellings over £3OOO, licensed premises, business and industrial premises, residentials and flats occupied by four or more persons, and leaseholds up to three years. The only relief in New South Wales during the currency of the act has been given to sales of vacant land in cities and suburbs and control is still exercised over dwellings and count! j lands. Where legislation has been repealed the tendency has been for prices to fall In the case of metropolitan land, usually home-building land in a residential area, a declaration of the narticulars of the sale, including the Drice must be lodged with the original contractof sale at a Land Sales Office. No Panic Rush To Buy Sales of country property, land used for farming and similar purposes, are strictly controlled. In general purchase Drices approved. circ based, on the amount which would have been a fair and reasonable price at February 10, 1c42l c 42 or if the valuation is made by the Valuer-General, it may be the last valuation made by him Before the New South Wales controls were lifted about 80 per cent of sales were made above approved Land Sales valuation 1 : according to an estimate. A survey since made in the Sydney metropolitan area has revealed that vacant land prices have risen 60 to 65 per cent, above the former controlled level, with no panic rush to buy.