PROPERTY MARKET.

New Zealand Herald, Volume LXVII, Issue 20518, 20 March 1930, Page 14

PROPERTY MARKET.

SIGNS OF IMPROVEMENT.

0 FARM LAND IN DEMAND.

TONE OF CONFIDENCE NOTED.

Land agents have formed the opinion that prices in the property market have now touched bed-rock, and that a steady, if perhaps slow, improvement, may now be looked for. "This is a good time for buying," said one agent. 'Thos© who continue to hold off to get a bargain are liable to miss their opportunity. Things are improving just sufficiently to warrant owners being a little firmer in their

prices." Several agents spoke of a marked increase in activity in farm properties. One found evidence that farmers from the Taranaki district are directing their attention to land in the WaikaJto and the North, where they are finding the values more attractive. There is a good demand, particularly for small farms, and it would appear that many men who have retired, finding difficulty in getting any town occupation for their sons, have taken up a farm again with a view to settling them on it.

Farms Increase in Value. The demand for farms was described by one agent as excellent, who said his firm had sold a number of properties lately both in the neighbourhood of Auckland, in the Waikato and in the Bay of Plenty. Farm lands have increased in value considerably during the past 12 months. Intending buyers commence looking for properties much earlier in the year than they used to. Presumably they wish to have ample time to get settled before the commencement of the milking season, and the widespread use of fertilisers has had the effect of bringing in the pastures earlier. Regarding suburban homes, an agent stated that the values have to be good. There is very little speculation at the present time. This authority considered the pessimism and lack of confidence to be noted in certain quarters was unfounded and very short-sighted. New Zealand as a whole, and Auckland in particular, are bound to develop, . and especially as land becomes more closely settled. He stated that there are fewer houses available in Auckland to-day than there were in December. His firm is still having inquiries for offices at reasonable rentals. Modern houses and offices, of course, have the advantage over those of older fashion. The only instances in which drops in values are occurring are in cases of forced sales, and those are by no means common.

" Plenty of Cash About." A note of confidence was struck by another prominent agent, who said several houses wore being sold about the city and suburbs. "There is plenty of cash about," he said. "When you get a sale it is often astonishing the amount of cash the buyer is ready to put up." He had a complaint to make against the banks, who, he said, often restrained clients from going in for a house property. One agent said he had sold more houses since the beginning of the year than he had sold at the end of last year, and another said he had had more inquiries during the past month than in the previous two or three months. The principal inquiry is for the modern bungalow, and properties at £3OOO and £4OOO are in very small demand. He summed up the position by saying:—"A good saleable home at a moderate price is never in the market long. A five or six-roomed bungalow is the one most in demand."