REAL ESTATE BUSINESS

Otago Daily Times, Issue 24716, 19 September 1941, Page 6

REAL ESTATE BUSINESS

INSTITUTE’S ANNUAL MEETING PROPERTY MARKET DISCUSSED The annual meeting of the Otago branch of the Real Estate Institute of New Zealand was held last night. The president (Mr R. S. McKenzie) occupied the chair. President's Address Moving the adoption of the annual report and balance sheet, Mr McKenzie said that the property market during the year had maintained a satisfactory condition, not in one sector, but in most. There had been consistent inquiries from home buyers from the small cottage type, the villa, the bungalow, the one and a-half storey home, to the £SOOO residence. There was no over-supply of building sites left in Dunedin as in other cities, he said. Many people when confronted with an estimate of the cost of construction of a home had found it much better to buy a house, even if it required alteration or improving to suit their requirements. Attractive grounds could be so obtained, whereas it was a difficult thing to obtain a good setting on which to build to-day.-A few sales had been recorded during the year of the now diminishing number of large residences of 12 rooms and upwards, Mr McKenzie continued, btit now these are nearly always purchased at keen values for conversion into flats or room-letting, or for dismantling so that the land might be used for bungalow sites. This move to commercialising them seemed to be thq answer to the problem of dealing with the high cost of upkeep. Investment in Properly

The majority of the sales during the year had been for the moderatelypriced home of £9OO to £I2OO. The experience of the Christchurch branch of the institute had been that the £6OO to £9OO house had attracted the majority of the purchasers. “It is always difficult to prophesy what the future holds," Mr McKenzie said, “ and to-day it is even more so. Practising members know from experience the very real demand there is at present for real estate carefully chosen, and with the adequate mortgage money on the market at 4i per cent., as at present, to-day seems to be an oiyortuno time for those able to invest. The return from rents compares very favourably with,most forms of investments I know of.” be said, “and the valuation of property must go on with the progress of Otago, and real estate people know that that progress is very considerable.”

The motion was seconded by Mr A. W. Macdonald and carried. Election of Officers

The following office-bearers were elected: President. Mr A. W. Macdonald; vice-presidents, Messrs R. McK. Wilkie and G. Irvine; committee— Messrs J. W. Timlin, P. W. Slabb, A. J, Campbell. J. A. MacDonald. A. F. Quelch, Renfree Harris, and A. McMillan; auditor. Mr C. V. Bond.