PROPERTY VALUES
PEGGING AT LOW LEVEL INCONSISTENT WITH OTHER COMMODITIES (P.A.) WELLINGTON, Oct, 17. The view that if property values were not pegged so arbitrarily by land sales committees more vendors would be willing to meet the market was experssed at a meeting of the Wellington Chamber of Commerce to-day. It was strongly represented that, in fixing values, committees should take more account of replacement costs. Mr C. D, A. George said that the low values placed on property to : day must affect the private building of homes. Prospective builders were not prepared to sell their present homes unless circumstances forced them to do so when no account was taken by the Crown of the huge increase in replacement costs. For instance, a man transferred to another centre was often forced to sell his home, but was not able to build a new one at present costs. Values had no relation to rebuilding costs, and this was undoubtedly discouraging private building at a time when homes were urgently needed. Members agreed that there should be some elasticity about property values, especially because of the way in which values for other things had soared. It was stated that the value of a house property to-day was pegged at what it was four years ago, and this in the light of other increases in costs was manifestly inconsistent.
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Bibliographic details
Otago Daily Times, Issue 26286, 18 October 1946, Page 4
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226PROPERTY VALUES Otago Daily Times, Issue 26286, 18 October 1946, Page 4
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