SHORTAGE OF HOUSES

New Zealand Herald, Volume LXIX, Issue 21324, 27 October 1932, Page 13

SHORTAGE OF HOUSES

PREDICTION BY MAYOR CONDITIONS ON IMPROVE OUTLOOK FOR THE FUTURE The opinion that there will soon be a shortage of houses in Auckland was expressed by the Mayor, Mr. G. W. Hutchison, in welcoming the delegates to tho annual conference of the Real Estate Institute yesterday. Land agents, he said, had been seriously affected by the depression, but they would be the first people in the community to feel an improvement in conditions. Mr. Hutchison said an upward trend in economic conditions was already in evidence. There was a definite improvement in tho Dominion's trade. Improvement was also noticeable in certain agricultural and industrial activities. With the pending shortage of houses, due largely to the cessation of building for several years, land agents would be among tho first to recover from the depression. Tho president of tho institute, Mr, Douglas M. Spedding, of Dunedin, stated during his presidential address that the prospects for the coming export season were somewhat brighter, and it was to be hoped that prices for primary products would show a decided improvement in the near future. Reductions in salaries and wages had to a. certain extent limited the purchasing power of the public, but, on the other hand, the drop in values and the reduced interest rate on mortgages were all in the buyer's favour. "The inquiries for small farm properties appear to be greater at the present time than for some time past," said Mr. Spedding, '"and more of this class of business would be offering if vendors could be made to realise that prices must be reduced to meet the times if business is to eventuate. As regards town properties, it was hoped that assistance from the Government under No. 10 scheme would have given an impetus to building operations, but so far advantage has not been taken of it in this respect to the extent that was anticipated."