THE PROPERTY MARKET.

New Zealand Herald, Volume LVII, Issue 17651, 11 December 1920, Page 8

THE PROPERTY MARKET.

LULL IN . CHRISTCHURCH. AGENTS STILL' CONFIDENT. [BT TELEGRAPH. — OWN coßKESroxriKr-rr 1 CHRISTCHURCH. Friday. There is a lull in the house prepertv business. Vendors for the most part ara holding out for the high prices of the fullboom period, and prospective buyers ara hanging back. Three causes are given for the slackness that has overtaken the trade— Restriction on "overdrafts; (2) withdrawal of speculators; and (3) approach of holiday season. House agents argue that the calm ig only temporary, and that there will be % revival by February. Experts who claim to be impartial say that prices are goin<» to fall, not because building will become cheaper, but because many owners will need the cash. Here is a story that was told this morning. A contractor built a five-roomed art bungalow in a good locality, and fixed his price at £1400. Then ha heard something, so he raised his price to £1600. A man came along and offe-ed £1500. The contractor refused. A few days ago he telephoned to the man who had offered £1300. and said he would sell. The man replied tint he would not do business at any figure over £1100. The moral appears to he that if an owner wants to realise in theea days he must . cut hi? quotations fairly fine. Confidence is th-3 keynote of pubKo utteranc.-a of prominent land ajrent?. "In 12 months' time houses will bo scarcer than they are to-day, - ' said a wellknown auctioneer. " Builders have stopped erecting houses for speculative purposes, and there is not a house to rent anywhace. Does rot that mean that tba shortage will grow more acute i Remember that; in addition to' ordinary immi'grants, many people with money ara bound to como here from England. How can the post of building drop?'- . " Some people are, finding it hard to meet Payments," said another apert. " Probably there will be more of them in t a- few r:.-.cntha. Thev are the amateurs' who croT» up every boom lime, and to just a bit too far. • The man you know who sells a £500 house for £700. then buvs -in £300 house for £1000. sells'at n. profit once again, and finally is left stranded with' a £1600 deal; he cannot meet lis liabilities, and he is paying dearly for his experience."