LAND VALUES IN CHRISTCHURCH

Nelson Evening Mail, Volume LVI, 7 April 1924, Page 7

LAND VALUES IN CHRISTCHURCH

RAPID INCREASES

(By Tcle<T n "b—Bne<‘iol to The Mail. "CUMSTCITITROH, April 5. Eouie striking examples of rapid increases in the values of properties in the central area of Christchurch were brought under the notice of a Lyttelton Times reporter in the course of /inquiries regarding the city property market. Fit ere is an element of romance about some of the doajs that have taken place recently, Properties which a few years ago were regarded as hopeless from a speculative point jaL view have recently been developed aiuTf-esold. in some eases several times, at. prices almost double their original value.,. There is also considerable movement, in cily hotel properties, and several have changed hands recently at exceptionally high prices. For tin; freehold of one hotel about two miles from Cathedral Square it is repented that £17,030' was paid. Land agents stated that the demand for city properties was coming from keen men who appreciated the fact licit values v.ere much* lower in (Tiristc'l lurch than iii most other centres, and that there was a great probability iof substantial advance because of the assured growth of the city. The opportunities for sound investments that are afforded by city properties ‘ in ■ Christchurch have already attracted the. .attention of speculators in other parts of the Dominion. One agent stated that he had recently sold several city properties to Wellington investors, and he had received a number of other inquiries as well. Values in Christchurch iri the past have advanced very steadily and very surely, but they have not increased at such a rapid rate, as lias been the case in some of the other centres. Trade conditions are very good, and most travellers and indent agents express the opinion that Christchurch is the most solid town in the Dominion.