PROPERTIES IN DEMAND

New Zealand Herald, Volume LXIX, Issue 21289, 16 September 1932, Page 12

PROPERTIES IN DEMAND

SUBSTANTIAL CITY DEAL INDUSTRIAL ESTABLISHMENT SALES OF FARM LANDS The signs of returning confitlcnco which have recently becomo apparent on many sides are reflected in a definite movement in the property market. Striking evidence of the more hopeful outlook is provided in the completion of a substantial property deal, through C. F. Bennett, Limited, as the result of which a further development will take placo in Auckland industry. , A large motor garage owned by Todd Motors, Limited, at tlio corner of Napier Street and Napier Lane, has been sold to J. Gadsden and Company, Limited, canister makers arid tin plate printers, of Christchurch, and will be used by the purchasers as a factory employing 40 mem and youths. The amount involved in tho deal has not been disclosed, ljut tho building, which was erected in 1929, has a iloor space of 17,000 square feet. Contract For Benzine Tins The purchasing firm, which has been in business in Christchurch for 14 years and in Wellington for 10 years, has secured a contract with tho Vacuum Oil Company for the supply of a quantity of benzine tins. Tlieso will be made at tho Auckland factory, in which modern machinery, some of it of New Zealand manufacture, will he installed. The tin plate to be used will bo imported from Britain. A number of prominent land and estate agents staled yesterday that a movement in tho property market had undoubtedly set in, although this was true of farm lands more than of city properties. Nevertheless, there was more inquiry than formerly for good class houses in good localities, and sales wero being made much more readily, provided the figure was reasonable.

A general experience was that although inquiries for properties were coming forward with hopeful frequency, there was still too largo a margin between the prices of buyers and sellers. There was evidence that buyers had realised that prices had reached bedrock and that the present was, therefore, (he best timo to buy, but many would-be sellers were reluctant to cut their losses, having bought at peak prices, and accept tho buyer's offer. Sales ol One-man Farms "The seller's viewpoint is understandable," said one agent, "if lie has bought when prices were high and is carrying the burden of a heavy mortgage, "but the; fact remains that a house can now be built at two-thirds of its former price. This means that a buyer will be less inclined to buy an old house at a high figure when he can have a new one built to suit his requirements in detail." "There is good inquiry for dairy farms, especially going concerns with a not too largo cash deposit," said another agent. "We would like to see more movement in town properties, but we are optimistic regarding farm properties. A lot of professional men, such as lawyers, are buying small places of 15 to 20 acres near the town and carrying on their business in the city as usual.*ln most cases they wish to provide something tangible for their children for they seo no immediate opportunities of careers in the towns. Not so much of the back sheeji country is changing hands as last year." A noticeable increase in the demand tor one-man farms was referred to by^other agents. "There is no doubt about it, said the (representative of one firm. The however, must he right, in the light ot present prices for butter-fat. Ihcro is quite a healthy tone.