SYDNEY CITY VALUES.

Otago Daily Times, Issue 19197, 13 June 1924, Page 8

SYDNEY CITY VALUES.

(From Our Own Correspondent.) SYDNEY, June ,5. The changes that are rapfdlv taking place in Sydney, due to the construction of the city railway, will be especially marked in Elizabeth street, which was something of a dead street commercially not so many years !'go. In a year or two it will be one of the busiest streets not only in Australia, hut in the world, for three big railway stations are to be built against its edge. This new traffic will influence the trend in prices for land along the whole of the long street, another factor stimulating property values there being Hyde Park, which gives the street only one business frontage along its most, important section, and which will bs the site of one cf the biggest stations, St. James’s. The storv is told of a man who three years back purchased a site for business premises ir the heart of this new station at £2OO a toot. Later he had to sell it, owing to altered business plans, and had to get nut at a loss of £IOOO. The same property is worth to-day easily £EOO. per foot. There are not a few people to-dav who would like in buy property Iretwecn King and Hunter streets, for in this neighbourhood values p-o up ’ike a rocket, with the new Government Savings Bank, a new theatre, as well ss another new theatre a few yards off, and the probable extension of Martin place. Yost of the land , round here, however, is lied up in established ownership. For the mvi of faith and strong vision there are felines in Sydney to-day just as there were when th p streets were largely tracks for wool teams. •