THE PROPERTY MARKET.

New Zealand Herald, Volume LXIII, Issue 19386, 22 July 1926, Page 7

THE PROPERTY MARKET.

HOUSES IN CHRISTCHURCH. LAND AGENTS' EXPERIENCE. [by telegraph.—own correspondent.] CHRISTCHURCH. Wednesday. " There are more places to let now than at any time since the late days of the war," said Mr. R. S. Badger, secretary of the Christchurch Land Agents' Association, when discussing the housing situation to-day. " The supply for a certain class of house has overtaken the demand, but there is a dearth of moderately-priced homes to let. A regular string of people wanting small cheap houses to let visit the agents of Christchurch. Restricted earnings of many people have undoubtedly had a tendency to make them get back to the moderately-priced house, and where once a bungalow could produce £3 5s a week in rent it will bring perhaps only 455. I feel sure that rents will gradually come down with lowering construction costs. We are finding that the Rent Restriction Act does a great deal toward discouraging owners to let their houses at all. We are of the opinion that there is no need for the Act anywhere except in Wellington. "New properties are for sale at the present time on very easy terms, but I would go as far as to say that a man is a fool if he lets a new house to-day." Another prominent man in the land agency business said although so many houses to let were being advertised they were nearly all of a type that was quite above the means of the vast majority of inquirers. " People are coming us in droves," he said, " and the demand for cheap homes is far greater than the supply. We have any amount of houses at rents ranging from £2 to £3 10s, but all inquiries are placed at about 30s. The owners who want these prices are mostly people who during the boom paid up to say £I7OO for houses that were worth £I3OO to £I4OO. Their rents cannot come down as they must pay their interest. The only thing that would alter the position would be a drop in values. There are more houses available than usual and two to three people ai'e letting not because they do not wish to sell, but because they cannot sell ,at the price they need owing to the large amount they paid. If we had three or four dozen houses at 30s a week we could let the lot."

. POVERTY BAY APPLES. FAIR PRICES IN ENGLAND. The results of the first shipment of export apples from the Poverty Bay district have been received, and the growers express satisfaction with the prices realised. The first shipment was landed in England prior to the strike, and met with a better demand than can possibly be expected for any of the remaining lots that are now going on to the market there. I The shipment mainly comprised two varieties, Cox's Orange and Dunn's Favourite. The fruit made from 13s 6d to 15s 6d per case, a price which allows a fair margin of profit to the producer.

THE RABBITSKIN MARKET. PRICES AT DUNEDIN. [BY TELEGRAPH. —OWN CORRESPONDENT. ] DUNEDIN. "Wednesday. At the fortnightly rabbitskin sales yesterday very large catalogues were submitted to a full gathering of buyers. Bidding throughout was exceptionally keen for all classes of skins, but the chief demand was for winter bucks. It has been very noticeable this season that out of the large number of skins arriving in store there has been a very small percentage of bucks. This has naturally caused a shortage in this class, and the demand for stout pelted skins during the sales has not been satisfied. The best grades of bucks showed an advance on last sales of from 2d to 5d per lb., the top price for prime bucks being 132 d. per lb. and for first bucks 130 d. Best winter doe skins, which have been largely catalogued, can be quoted at from par to 2d easier. All other grades of skins ruled very firm at last sales rates.

The following were the quotations:— Prime winter bucks, 130 d to 132 d; first winter bucks, 126 d to 130 d; second winter bucks, llOd to 116 d; prime winter does, IOOd to 106 d; first winter does, 87d to 90d; second winter does, 74d to 80d; first spotted winters, 60a to 75d; early winter bucks, 108 dto 112-^d; early winter does, 82 to 85Jd; incoming winters, 89d to 94|d; second incoming, 70d to 78d; late autumns, 75d to 83^d; early autumns, 59d to 68d; prime racks, 42d to 43d; light racks, 37d to first winter broken, 6Qd to 67£ d; winter broken, 50d to 55d; autumn broken, 46d to 48£ d; weevily, 30d to 42J,d; springs, 46d to oOd; milky, 33d to 48jd; winter fawn, 120 d to 127 d; fawn, 80d to IOOd ; first winter black, 85d to 92d; winter black, 70d to 78d. Hareskins, 50d to 63d. Horsehair, 20d to 22^d.

POWER ALCOHOL INDUSTRY. DISTILLERIES IN QUEENSLAND. An announcement regarding the sugar industry was made at Cairns, Queens land, recently, by Mr. A. Draper, chairman of the Northern Power Alcohol Committee He stated that a cable message had been received from the Distillers Company, Limited, Edinburgh, approving oi a tentative agreement made with that company. It is intended to form a company called the Australian National Power Alcohol Company, wit' a capital of £1,000,000, and distilleries will be erected at Cairns and at Townsville, while the Plane Creek (Mackay) Company s plant would be taken over by the new company. It is expected that for a start thu Cairns distillerv will produce from 800,000 to 1,000,000 gallons of spirit per annum.

LONDON V/OOL SALES. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON, July 20. At the London wool sales to-day there was a splendid selection. Greasy Merinos met with an extremely good market, with increased Continental competition, and prices very firm. There was a limited supply of crossbreds and prices were unchanged.

CHICAGO WHEAT MARKET. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) CHI&AGO, July 20. W eat.—July. 1 dollar 42-j cents per bushel; September, 1 dollar 43£ cents; December, 1 dollar 48 1-8 cents.

SOUTHERN EXCHANGES. [ET TEI.EGKAPH. —PRESS ASSOCIATION. ] CHRISTCHURCH, Wednesday. The following sales took place on the Stock Exchange to-day:—National JBank of New Zealand, £6 16s; Bank of New Zealand, 62s 3d; National Insurance, 82s. 6d; Dalgety and Company, £l6; Allied Motors. 29s 6d: Goldsbroogh, Mort, 48a lid; Kaiapoi Woollens (17a paid). 123; Beath and Company. 33a; Eolden's Motor Body Builders, 44s lid. DUN ED IN, Wednesday. Stock Exchange sales.—Eawarau, 7s Id (two); Bank of New Zealand, 62s (two). Sale Reported.—Goldsbrough, Mort, 49s 6d; Gear Meat Preserving, £1 18s 6d; Wilsons Cement, £1 15a 6d.