REAL ESTATE.

Star (Christchurch), Volume LXVI, Issue 20274, 7 April 1934, Page 10

REAL ESTATE.

Operations of Institute Last Month. In a review of the real estate market last month, the Canterbury and Westland branch of the Real Estate Institute says:— According to reports to hand there is a large surplus of moneys in Great Britain which is reflected in the lower interest rates ruling, thus stimulating all classes of business, among which real estate takes a prominent position. The same position is rapidly developing in New Zealand, and should go a long way to adjust in natural form the difficulties now confronting the Dominion. During, the past two months the business recorded has been on the small side, but there are a great number of prospective investors who should not fail to find a sound investment returning a reasonable rate of itnerest in real estate. From the reports to hand it can be gleaned that if sellers would adjust

their prices to meet the altered conditions, more business would be in evidence. Though the promise of business noted in the early spring has not quiie come up to expectations, the month of March showed a considerable advance on the business done during the same period last year. The sale of some ten sections has been reported in various suburbs, prices ranging from £BS. £l5O, £2OO up to £SOO for a choice St Albans block. The residential market has shown most activity, the business reported representing an average of almost one house property per day for the month. While the majority represented smaller valued properties from £3OO, £350 and £4OO, there was a fair sprinkling of the modern btmgalow properties. prices ranging from round £9OO. £IOSO and £I2OO, the highest sale being a £2OOO property in the north end of the city. As previously noted, the farm section continues to show reasonable activity, and there are grounds for expecting that this department will show more rapid expansion in the near future. Sales recorded included 8| acres, Akaroa, with residence: 20 acres, Papanui; 50 acres in the Lincoln district; 192

acres. North Canterbury; a farm at Templeton; together with 720 acres in the Kirwee district, values showing a price range from £SOO to nearly £7OOO. Leasing has been fairly active, a large warehouse being let on a long term, while other properties were let for varying terms, and house-letting still continues to show activity. The position in regard to renting properties is expected to become more acute as the employment situation Improves, as large numbers of those sharing houses will be requiring places for their o\fb use. There has been a marked activity in new building, and in parts of St Albans fully twelve bungalows in the course of erection can be counted within a very short distance of each other. Several of these are being put up for speculating purposes, an encouraging feature of the market which has been absent for the past three rears.