DEMAND FOR PROPERTY

Poverty Bay Herald, Volume LIX, Issue 17953, 3 December 1932, Page 6

DEMAND FOR PROPERTY

POSITION IN GISBORNE BIG INQUIRY AT LOW VALUES The property market in Gisborne has changed little during recent months. Afnny inquiries are being made for country places, mainly of the small type, bat sellers are prepared to pay nothing above values that would leave the new owner a margin for working expenses at present day produce values. Land has come down in price a great deal in recent years, but owners are not prepared to sacrifice it to the extent that buyers desire. The- result is that few properties are changing hands. A demand exists for sheep country, but in this respect the prospective buyer wants country that will carry a few dairy cows to return him something a little bettor than meat and wool do until these two markets right themselves, and as a result a great deal of discrimination is used in selecting an owner for negotiation. In most- eases negotiations have broken down because of the disparity in the ideas of value, and the few sales that have taken place have been on a basis at which the new owner can clear expenses at primary produce values as they are to-day.

A Gisborne estate "agent said to-day that town property deals were practically non-existent, except in those cases where the buyer believed he was securing a genuine sacrifice at much below the values of a few years ago. A few bargains were to be secured, hot there was an absence of demand above a certain level.