PURCHASE OF SECTIONS.

Waikato Times, Volume 114, Issue 19011, 31 July 1933, Page 9

PURCHASE OF SECTIONS.

ACTIVITY IN CHRISTCHURCH. AGENTS REPORT IMPROVEMENT. A decided Improvement in the demand for building sections in Christchurch was reported by land agents (says the Christchurch Sun), one of their number saying that many agents, prompted by the good inquiry, were “combing the town” for sections priced to suit the times. In the letting of houses, too, there is brisker business. Though the new building subsidy scheme is undoubtedly helping to create the better tone in the purchase of sections, it is evident that not all the buyers intend to apply for assistance under the subsidy scheme in their building Operations. Apparently the majority of the sections which are being sold are cheaply priced, compared with the prices which would have ruled a few years ago. Others, however, are fetching a really good market price. Meeting the Times. “We are looking all over Christchurch for sections and houses whose owners will reasonably reduce the prices to meet the times," one agent said. “When prices arc so arranged, sales ran readily bo made. Sales are ditlicult only when owners hold out for higher prices.”

Prices paid in recent sales of sections have ranged from £9O to £450. The bulk of the sales were from £l5O to £250, these sections being of the type suitable for the cottage bungalow variety of construction. Price reductions by owners have been of as much as £l5O. In one quarter it was contended that sales by what might be termed weak holders, people willing to sell at a sacrifice to 'realise and escape further payment of rates, are the foundation of the present market. A different view, however, was expressed toy agents who believe that the improvement in business stands on a sounder footing.

Speculative builders figure among the buyers of sections, largely In some instances. Of the last 10 sections sold by one agent, four were to people Intending to build for themselves, and the remaining six were to builders. Two of the four private buyers have announced their intention of applying for assistance under the subsidy scheme. One of the houses in this group is well under way, and the foundations of two others have been laid. The fourth buyer is not building on his property in the meantime. Sections which have been sold are widely distributed about the city. They are naturally more difficult to find in Ihe older parts, but seem to be fairly plentiful outside the second tram sections. The highest price, £450, in the sales mentioned, was for a Merivale section. Other typical prices were £IBO, £2OO, and £2lO.

Minor Boon In Letting. Discussing the minor boom which

has developed In letting, an agent said that In June he let 39 premises, and so far this month has let 31, flgurea well above the average of recenfl months. Office suites and shops, ast well as houses, are being let—there! were four office suites and several shops, both city and suburban, in thi* agent’s June total of lettings.