PROPERTY MARKET.

Star (Christchurch), Volume XLIV, Issue 543, 27 August 1932, Page 13

PROPERTY MARKET.

Distinct Improvement is Revealed. The Canterbury-Westland branch of the Heal Estate Institute of New Zealand, in its review of the property market, states:—— It is certainly very pleasing to recognise a distinct improvement in the property market generally by the increased inquiry for all classes of farm properties and small suburban holdings, the ideas of buyers being based on the lower values prevailing in all business to-day. Sellers alike are alive to the necessity of meeting the new order of tilings, and this combination is reflected in the increased business reported during the week. Harm Division.—During the week five farms, ranging from 15 acres to 1000 acres, have been sold at prices on a parity with the altered conditions. A number of farmers with families resident in the city are now recognising the advantage of settling on the land, even though the returns for some time may be on a lower basis. This is in preference to depleting their capital resources by remaining on a small section. Small Holdings.—Three small holdings—one as a going concern—changed hands at satisfactory prices to the interested parties. Several superannuated men with grown-up sons arewnaking an effort to exchange their city holdings for a few acres, thus enabling their sons to find employment and at the same time augmenting their reduced income.

Suburban Properties.—Two genern I stores have changed hands in exchange for house property, the storekeepers being desirous of retiring, and the buyers with unemployed families can, with their own labour, conduct a small suburban business to advantage. In the house market a small number of houses were sold ranging mainly from £650 to £9OO. In three instances attractive bungalows were sold at prices from £1350 to £2IOO. In all cases the prices were from 25 to 33 1-3 per cent below the old prices. In the case of old type dwellings the market is very slow and only a few sales have been registered at give-away figures. However, the sellers consider the enhanced value of ready money enables them also to take advantage of the present low price position. , City Properties.—Although several inquiries have been made for suitable warehouses and factory sites, the ideas of the buyers and prospective tenants are much below the values assessed by property owners. Nevertheless four shops, one warehouse and one building have been leased on to-day’s rates. Furnished Houses and Apartment Houses.—Three furnished houses in certain localities have been leased, but theso and apartment houses show slow movement at present. With the spring and summer coming, a larger demand may be expected. Auctions.—Business has been very brisk in this section and prices for good class of furniture and pictures have been well maintained. The movement in house property, whilst small, is promoting greater activity in the auction sales. In the country, clearing sales which members have conducted of late have shown encouraging results. General.—Whilst the whole business transacted during the past few weeks can only be regarded as a distinct indication of a gradual restoration of confidence it is an indication of better days ahead. Now that the sellers and buyers are meeting one another on sound economic grounds, the estate business, probably the largest in the Dominion, will be the first to reflect the improved confidence of the community. SHARE VALUES. The following table shows the price movements of the listed shares, together with the index number. The basis of the index is July, 1930, equals 100: Price. Price

Stocks. Aug. 14. Aug. 21 . Ind’x. A’sias .... 9 7 J 79.6 Com. Syd. 1.4 0 14 10 72,5 Xat. A’sias, €5 Xat. X.Z. . . 5 7 3 10 5 6 3 14 73.1 61.6 B.X.Z 2 4 2 7 S&’Mori. ? T 7 15 1 4 73.8 86.2 Tooths .... n it 1 8 93.3 X.Z. Breweries 1 6 i o 53.5 HI. Zinc (ord.> ? h 0 lo 1 4 i&8 Col. Sugar 1 9 -< 44 30 311.2 Average 72.7 7S.3