REAL ESTATE MARKET.

New Zealand Herald, Volume LXVI, Issue 20263, 24 May 1929, Page 13

REAL ESTATE MARKET.

THE AUCKLAND INSTITUTE.

HOUSE-BUILDING VERY QUIET. MORE CONFIDENCE NEEDED. "At the last annual meeting prosperous business was predicted for estate agents," said the president, Mr. W. J. Potter, at the annual meeting of the Auckland Real Estate Institute last evening. "Unfortunately this forecast lias not been realised. While considerable business has been done in farms and some large city properties have changed hands, the sale of houses and allotments has been exceptionally quiet." The general trade and bank returns showed that it was want of confidence, not lack of money, that was causing the depression in New Zealand.

"While house-building has been very quiet, a large sum of money has been invested in apartment houses and a large percentage of the buildings have found occupants," Mr. Potter continued. "There are hundreds of houses at present to let, the bulk of them in the suburbs. The want of transport facilities is the primary cause of this unfortunate position and we are looking forward to the Transport Board giving the public better means of reaching their houses in the outer districts at a reasonable cost."

The Government had lately released large sums of money for advances to settlers and workers. The disquieting feature in regard to properties acquired was the number which had fallen in and were now on the market. The whole position should be reviewed by the Government before any further advances were made. Now that the supply of houses had overtaken the demand it was a question whether any Government was justified in making advances to comparatively few individuals on separate terms at the expense of the general community. The annual report, published in the Herald on May 17, was adopted. The following officers were elected:— President, Mr. W. J. Potter; vice-presi-dents, Messrs. T. Mclndoe and Stace E. Bennett; committee, Messrs. G. F. Mellars, P. Balgarnie, H. K. Clayton (retiring), A. V. Burcher and A. Evans. Members stood in silence as a mark of respect to the memory of the late Mr. H. L. C. Mowbray, a vice-president, and the late Mr. Casement Aickiu, a member of the institute. The meeting was followed by the annual dinner of the institute, Mr. Potter presiding. The following toasts were honoured: — "The New President," proposed by Professor Algie; "The Bench and the Bar," proposed by Mr. T. Mclndoe and responded to by Mr. F. L. G. West, president of the Auckland Law Society; "Tho Municipality and Local Bodies," proposed by Sir. S. E. Bennett and responded to by Mr. G. Baildon, Mayor of Auckland, and Mr. M. H. Wynyard, chairman of the Auckland Harbour Board; "The Visitors," proposed by Mr. P. J. Crump and responded to by Mr. H. R. Mackenzie and Mr. D. Donaldson; "Retiring Officers," proposed by Mr. L. P. Leary and responded to by Mr. A. W. Clark; "Our Foundation Members," proposed by Mr. W. J. A. Thomson and responded to by Mr. F. Hull and Mr. G. B. Osmond: "The Press," proposed by Mr. J. 11. Jackson. A number of items were given during the evening by the Lyric Four, Messrs. A. McElwain, H. Richards, E. Thomas and A. Ripley.