STEADY RECOVERY.

Star (Christchurch), Volume LXIV, Issue 954, 26 December 1933, Page 2

STEADY RECOVERY.

Property Market Shows Improvement. Tile Canterbury branch of the Ileal Estate Institute, in a survey of the market in 1933, says:— The past four years have undoubtedly proved the most trying ever experienced by the real estate market. The predictions made in our report at. the end of 1932 have proved substantially correct, inasmuch as the worst of the slump was past last year, while during 1933 a steady recovery has been evident, until we can to-day with greater confidence look forward to 1934. Money is becoming cheaper, and it is no doubt that the efforts of the Government in tli is direction must be a material faetbr in promoting the approaching recovery, for it is unnecessary to reiterate that cheap money is always one of the forenmerg of better times. In fact, it would seem that after the present harvest it would not be an easy matter to find investment for surplus funds, and this must mean a recovery in values of nil classes of security, and will therefore promote greater inquiry in the real estate market. The business being done to-day is when the seller appreciates the readjustment of values and is prepared to meet the market. In suburban properof trade, and with the improvement in the unemployment situation by increased Industrial activity we can look forward to great expansion of trade. One pleasing feature of the past few months has been the renewal of buying by those interested in holding real estate for investment purposes, and this has been quite marked in regard to the demand, particularly for small properties, from which a good return realised that investment in real estate mav not give great wealth in one stroke, but it will usually, if selected under competent direction, give the holder a good return on his money, and more than a fair chance of future prolit as underlying all is the basic fact of its absolute safety. These facts are iwit adduced to prove that there will be anv return to the high prices ruling four years ago, but it does seem reasonable to hope that at least there will be the same ratio between production and selling costs, so that the rewards of toil will be in equally satisfactory prop-or-The approach of the holiday season has had a steadying down effect on this perties have changed hands, and in this department n good recovery is confidently anticipated. Among the city sales was a large apartment house with furniture complete, sold at £3000; large two-storey bungalow at £2000; while the residential demand in the suburbs has been fairlv well distributed. Sales of bungalow and house properties recorded were: —At Riocarton, £s2;> and £850; Opawa., £825; Shirley. £1000; St Albans, £675. £900; Fendalton, £1500; and others in Beckenham, Limvood, St Martins and Hornby; also a shop and dwelling at a satisfactory figure. Farms. —In the farm department inquiries have certainlv doubled during the past couple of months, but the great difficulty is to secure good farms to offer. Sheep and general mixed farms can he sold to-day where the sellers are prepared to meet market conditions. Among the sales reported for the past month there are: 31 acres in the Halswell district; 403 acres in the favourite Lincoln district, fi acres at Burwood; and 29 acres at Chaney’s. Bettings.— I n the letting and leasing section there is the usual activity and •i constant demand, as always, for the lower-priced houses. Suburban Building Lots.—As pre\iouslv noted, there is a marked revival in tiie demand for building sections, owners realising the advisability of taking advantage of the present reduced building costs. The sales of sections reported includes sections in Pa pa mi i Riccarton £l5O. Richmond £l5O, and otherJavourU^ efXect s during the spring. and some of the values recently obtained are suggestive .of 1930 conditions. . Finance. —Tf the present anticipations are realised. there should be a large quant.itv of money made available for investment purposes in the early part of the New Year, and this in turn must lead to a considerable revival in business as the outcome of liquid capital which has had a very serious effect on the real estate business during the past three years.