PROPERTY MARKET.

Otago Daily Times, Issue 21144, 30 September 1930, Page 7

PROPERTY MARKET.

DEPRESSION IN AUCKLAND. LENDERS ACTING CAUTIOUSLY. (Specv'i io Daily Tiubs.) AUCKLAND, September 29. the depressed state of city property values and the uncertainty about the trend of prices for primary products have combined to restrict mortgage transactions in _ Auckland for some time past Inquiries made to-day showed that the greater part of t the business being done is m the _ conversion of existing mortgages, and this state of affairs is 1 likely to continue. Persons and institutions with money to lend on mortgage are going very cautiously,” said one authority. “ Those in the position of trustees are inclined to do business only on a basis of what property will bring at a forced sale, and that is hard to estimate so far as city and suburbs 11 properties are concerned, because there is practically no demand for them. ’ it is safe to say that values in Auckland have dropped at least 25 per cent, in the past two years,” he added; “ This means that many owners for the time being have lost their equities. I believe that mortgagees in general recognise this, and are meeting the position fairly. A good many mortgagees’ sales are advertised from time to time, but undoubtedly £reat numbers of mortgages are being nursed through the present difficult period. Often the price asked for such treatment js a reduction if the mortgagor can find the necessary money.”