THE PROPERTY MARKET.

Timaru Herald, Volume XCVIII, Issue 18084, 21 June 1924, Page 12

THE PROPERTY MARKET.

BUSINESS dull: Interviewed by a I ’Herald ’ repvetentative in regard to the state ot the property market, local land agent-, tvere unanimously of the opinion that the tone of the market at the present time was decidedly dull. Houses and building sections within the Borough were reported to bo in steady demand,. and it was stated that inquiry showed no signs of decreasing, but country property was * considerably hard to quit. I „ The unsettled state of finance, due to the expiry of the moratorium at the end of the year, and the excessive values placed upon farms by their owners, were reasons put forward by one agent to account for the prosanu state of affairs. He stated that values were still too high to attract genuine farmers, who were disposed to examine very carefully all propositions placed before them. A gentleman connected with one cl I he mercantile firms was of tho opinion that the quietness of the property market was largely due to the lack of confidence generally displayed by the investors. He stated that a certain amount of uncertainty existed as to how financial matters would stand when the moratorium was lifted, and this factor was certainly having a marked effect on land sales, most people showing a decided preference lor Government and local body bonds as a means of investment. Sheep couuLvy was in fair demand, but i’.ke ;ilt other classes of rural property, a big difference of opinion in regard to correct values existed between buyers end .sellers. Prospective purchasers for the most part showed _ every caution, and although good prices tor most products were at present prevail* ing, experienced farmers considered that land values wore still too high’. Mixed farms and agricultural propositions wore not eagerly sought for, although quite a satisfactory number of transactions affecting medium-sized freehold properties had recently been completer! by Iris firm.