PROPERTY MARKET

New Zealand Herald, Volume LXXIII, Issue 22434, 2 June 1936, Page 10

PROPERTY MARKET

MANY SIGNS OF REVIVAL

the demand for houses ANZAC AVENUE SALE A change from tho quiet conditions which have existed in the property market for several years is indicated in the demand for modern dwellings and is rather emphasised by the sale in the last two or three weeks of about n. dozen largo family houses, lor soifio years houses of this type, particularly if they wore designed for tho needs of large families and required a domestic staff to maintain them, were difficult to dispose of and the recent sales, although put through at prices which represent a substantial drop on what would have been considered reasonable in more prosperous times, can bo taken as a sign of returning confidence. This can also be applied to the sale last week of a section in Anzae Avenue. There has been little movement in properties in the Anzac Avenuo area for some years and it can be taken that sales made to-day are at figures that would have seemed ruinous to vendors 10 years ago. Price Not Disclosed Tho latest sale was that of a section with a frontage of 41 feet and a depth of 100 l'eet on the western side of Anzac Avenue, adjoining tho premises of IT. T. Merritt, Limited. Tho purchasers were Messrs. J. Yock and Company, Limited, who propose eventually to (mild to meet tho growing needs of their business at present carried on in leased premises. The figure at which the property changed hands has not been disclosed. The vendor was the Guardian Trust and Executors Company of New Zealand, Limited. Although last year was regarded as a good year for property sales when compared with tho position obtaining during tho previous few years, it is felt by many land agents that this year there has been a steady all round improvement. The outstanding demand is for modern houses at prices ranging from £'lßoo to £2OOO in the jbctter suburbs and a number of these sales have taken place. Several large houses in Remuera and Epsom have changed hands at prices ranging from £2OOO to £4OOO. Movement in ParneJl There has been a somewhat similar movement in Parnell, where there has been inquiry for homes suitable .for subdivision into flats, but some that would have found a ready sale for this purpose had to be ruled out owing to the inability of owners to obtain permits to convert, due mainly to the City Council's restrictions under its zoning scheme*

One of the large homes in Parnell which has changed hands is the former residence of the late Sir James Coates in St. Stephen's Avenue, which has been purchased by Mr. 13. Shorter. The price has not been disclosed, but it is understood that it is below the figure offered at the auction sale last December, when the property was withdrawn. Mr. Shorter is spending a considerable amount in having the house modernised.

There would appear to be a shortage of modern family houses in good localities. Land agents report that there is an increased inquiry for houses of this type with no very great number offering. There seems to be no doubt that buyers are still looking for bargains, but there is a big difference between what the vendor still hopes to get for his property and what the prospective purchaser is prepared to pay. Revival In Building

Another feature of "the market is i;he number of people who are inquiring for houses and offering a small deposit. This is a feature which was not apparent during the depression years when it was easier to rent houses, hut with improving conditions many people who have been living in flats or sharing houses are now looking for separate homes. Few of these people, however, can be suited as owners cannot bo prevailed upon to sell on deposits of £SO or £IOO, feeling that if they have to sell at prices much lower than the original Cost they should at least got the full value of their equity in the transaction.

Meanwhile the revival in home building continues, with the greatest activity in the eastern suburbs, and while this tendency has not developed to the point where it will overtake the undoubted shortage of desirable homes it indicates that building in Auckland is moving rapidly in that direction.