PROPERTY SALES

Timaru Herald, Volume CLVIII, Issue 23315, 26 September 1945, Page 4

PROPERTY SALES

Fixing Of Values Committee Autonomous When Mr M. A. Raymond informed the Canterbury Rural Land Sales Committee in Timaru yesterday that the Labour Department had valued a property at £2OO to facilitate the fixing of rent, the Crown representative (Mr N. H. Rawson) submitted that the committee could not take that valuation into consideration. The property was In Avenue Road. Timaru, near Wai-iti Road, and lay in a depression. There was a tworo'omed dwelling with a lean-to and lavatory attached, and approval of a sale at £IGO was sought. Mr George Reid’s valuation for the vendor was £l5O and Mr J. J. Keppel’s valuation for the Crown £l2O. Mr Raymond appeared for the vendor. The property had been bought for £6O in 1.942, said Mr Rawson, who submitted that there was no justification for 100 per cent Increase In the price since then. Mr Reid: That was in July, 1942. when the Japanese scare was at its worst. There was an appreciable rise in values between then and December 15. the date at which we consider values. The Labour Department's basis for valuation for the fixing of rent was an entirely different one from that of the Land Sales Committee, said Mr Rawson. No cognisance could be taken of it. Mr Rejd: And the Labour Department will say the same thing of the values fixed by this committee. “Yes, the attitude is mutual,” replied Mr Rawson. “One tribunal takes no notice of another. We do not even consider the values of the Mortgage Adjustment Commission, whose values might be claimed as relevant.” Mr Raymond: I am not advancing the Labour Department’s valuation, but submit that the rent fixed by a magistrate has a direct bearing on the case. It proves what return an investor will receive. Mr Keppel submitted that the rent of a property was governed by its life. If it were valued at £lOO and its life would only be 10 years, a yearly rental would have to be at least 10 per cent of the capital invested. In 10 years the property would be worth nothing. On the suggestion of Mr Raymond, the committee decided to inspect the property and reserved its decision. The committee comprised Messrs W. O. Rennie and B. S. Robertson. The trustees of the late George Bowker sought approval of the sale to James Smillie. building contractor, of 7 acres 14 perches fronting Mowbray Street, Timaru. The price asked was £lO5O. v.'hich was sustained by Mr Reid's valuation, while Mr Keppel’s was £920. The committee, In reserving its decision, decided to inspect the land. Subject to a reduction In price to £1350. by consent, approval was given the sale of a five-roomed brick veneer house, between 12 and 15 years old, on 24 perches at 2 Hertnon Street. Timaru. The vendor was Cecil Warren Webber, solicitor, Timaru, and the buyer William Cowan Heron Irwm, bootmaker, Invercargill. The price originally sought was £l5OO, previous sales being £1055 in October, 1942, and £l3OO in July. 1943. Mr Keppel’s valuation was £1350. Although the buyer already held two properties in Invercargill'. it was stated he would sell these because he was acquiring the Timaru property to reside in Timaru. Rita Gordon Hermon. married woman of Timaru. sought approval to sell to Thomas Daley, farmer. Taiko, a seven-roomed house <stucco) on 23.5 perches at 6 Sarah Street, two rooms having been turned into a flat since the previous sale in February. 1945. the cost of the alterations being £lO2. The price of the sale in February was £1075 (Mr Keppel’s valuation at the time being £900). The committee approved a sale subject to the price sought (£1250) being reduced to £ll5O. The sale of a 40-year-old wooden residence on 1 rood 4 perches in Luxmore Road, Timaru, was approved, subject to a reduction, by consent, from £725 to £675. Mr Keppel's valuation was £655.