LAND CHANGING HANDS.

New Zealand Herald, Volume LXII, Issue 19068, 13 July 1925, Page 10

LAND CHANGING HANDS.

SMALL DAIRY FARMS. ACTIVITY IN THE WAIKATO. AVERAGE OF £45 TO £65. NO SIGN OF SPECULATION. [BY TELEGRAPH. —OWN COMIESPONDENT.] HAMILTON. Saturday. A fairly brisk demand for small dairy farms in the Waikato is reported. A number of properties have recently changed hands; but as the months of Juno and July an usually the busiest ones of the year as regards farm sales, it is not possible to judgo whether the improvement is a permanent one. Various leading land agents in Hamilton, when interviewed to-day, however, sounded a hopeful note as to the future prospects. "There is no doubt," said Mr. F. A. Pearson, "that for tho last month there has been a revival in tho land business. There is a demand for land at reasonable prices; but not at the old "boom", prices. The buyers are not mere speculators, and ask for good value for their money, and dairy farms where value is shown are the ones that are selling. "The main demand is for farms of from 50 to 100 acres, and there is also a fair demand up to 150 acre.?. Deposits vary considerably, and in cases where small deposits are made, the purchasers usually insist on fairly easy terms, as they wish to save themselves from tho usual struggle against the interest. Purchasers are therefore only buying land With a guaranteed return that will meet the interest and show a profit, and it is evident from this that they are bought now for farming and not for speculative purposes. "I have hopes that tho market for farms will bo fairly good in the future. The buyers are hero if the prices ax - e right, and there is reason to hope that oven allowing for a fall from its present height, the land business will remain in a more satisfactory position than it lias been in for a long time past." Some Largo Deposits. Another leading firm ot laud agents who handle chiefly farms, stated that business during tho past few months had resembled the timo of the land boom, tho chief demand being for 50 to 250-acre properties. Deposits in the majority of cases were large, ranging from £2OOO to £3OOO, and thore were few £2OO and £3OO deposits. As an instance of the keen demand, he stated that during the last ten days seven sales had been made. 'lho demand was almost entirely for dairy farms, there being very little for sheep country. Good prices were being realised for well-improved land, the average being from £45 to £65 per acre. A good class of farmer was purchasing, evidently with a view to farming, .and not speculation. A property at Waharoa had recently changed hands for £7OOO. "Our chief difficulty is to get the properties inquired for by prospective purchasers," remarked Mr. F. J. Marfell. "There have been continuous inquiries, and numerous sales, mostly of 50 to 100acre dairy farms, which are realising £4O to £SO per acre, with fair deposits. There is also a good inquiry for leasing properties." Ready Cash the Problem. "There is a demand, certainly, for small farms of from 50 to 100 acres, but there is no money available to pay for them," was the resume of the position as stated by the manager of the Farmers' Co-operative Auctioneering Company's land department, Mr. It. R. Young. "There are not many farms of the required size offering at the very small deposits that purchasers are prepared to pay, and we have experienced great difficulty in clinching several sales. This difficulty is mainly due to the lack of capital, while the mortgagees who have had the trouble and expense of obtaining the title of the lands are not anxious to sell unless at a figure which will remunerate them." Another phase of the activity in the land market was referred to by an auctioneer of a leading auctioneering firm. He said that no fewer than 38 clearing sales were advertised to take place during the next few weeks. Many of these were attributed to the action of mortgagees exercising their powers through orders from the Registrar of-the Supremo Court. Victims of the slump who had not previously succumbed to the deflation of values wcro experiencing a very difficult task in meeting their interest accounts this winter, and many farmers were walking off their holdings.