PROPERTY MARKET

New Zealand Herald, Volume LXIX, Issue 21295, 23 September 1932, Page 10

PROPERTY MARKET

BRIGHTER TONE REPORTED EFFECT OF WOOL PRICES LAND AGENTS HEARTENED A brighter lone in the. properly market was reported by several speakers at the annual meeting of the Auckland branch of the Real Estate Institute of New Zealand, held at Milno and Choyce's Reception Hall last evening. " At our annual meeting at this time last year we were in the throes of the depression and the outlook was anything but hopeful," said Mr. S. E. Bennett, the retiring president. " To-day, however, 1 believe the lowest ebb of that depression has passed. That I am not alone in this belief is definitely evidenced by the upward tendency of the stock and share market. All our primary produce, butter, cheese, wool and meat, is selling at higher levels. The results achieved at Ottawa have as yet not had time to ho fully appreciated, but undoubtedly they will bo in the near future. " Of more direct interest to us is the greater movement in the property market. Quite recently several largo' city property sales have been reported, and thero is more inquiry to-day than has been the case for some considerable time, which is unquestionably a sure sign of returning confidence. Thero is a more buoyant tone pervading the whole community, and I am confident that wo can look to the future with cautious and reasoned optimism." Mr. IF. E. Vaile, the incoming president, said the improved prices for wool should have a helpful influence on the property market, as millions of acres in New Zealand could bo put to no other purpose than sheep farming. All the indications were that business in the near future would be better. It was essential, however, that politicians should stop interfering with business, for taxpayers were rapidly being forced into the position of being unable to pay taxes at all. The position had arrived when it would pay handsomely to give the politicians double their present salaries conditional lon their taking a two ..years' holiday. (Laughter.) That would effectively stop their passion for passing Acts of Parliament which were not only undesirable but were positively detrimental to the country. Mr. J. H. de Marr suggested the institute should use its influence in restoring public confidence in real estate by publishing a weekly barometer of the gross results of property sales. As the country was rapidly now turning the corner, such figures would do much to spread ,an optimistic spirit and hearten investors and home-buyers. The people still had the money, but were awaiting a lead, which the institute could well give them.

Mr. Bennett said the matter had already had the attention of the executive and notes of sales had been published from time' to time,