PROPERTY SALES

Poverty Bay Herald, Volume LX, Issue 18203, 26 September 1933, Page 9

PROPERTY SALES

MARKET RISING CONDITIONS IN SYDNEY SYDNEY, Sept. 15. One of llie many signs of improvement in financial and commercial conditions here is the rise in property values, as shown by the increasing number oi sales recently completed at highly encouraging figures. Last week a property in King street—the heart of Sydney's shopping centre —was sold for £IB,OOO. The frontage is only about 20ft., so that the property brought approximately £9OO a foot. Of course this is not a record for Sydney by any means; in fact, this identical property was sold four years ago for £34,000. This price —£l7oo per foot frontage—affords a fair indication of the state of the market in the ‘‘boom days” of 1929 ; and tho price even for so fine a location was really artificial. But it is certainly encouraging to see prices going up steadily toward their old levels.

The buyer of this King street property is a well-known Melbourne business man, and ho is not by any means the only Victorian investor who has lately given proof of his confidence in Sydney’s future by putting largo amounts of money into city properties here. Indeed, the influx lof capital from Melbourne to Sydney has been one of the most encouraging features of the business revival that began with the downfall of the Lang Government last year.

Another indication of the turning of the tide in our favor is the number of recent sales of fine suburban residences which have been for years almost a drug in the market.