AUCKLAND PROPERTY MARKET

Dominion, Volume 6, Issue 1717, 7 April 1913, Page 9

AUCKLAND PROPERTY MARKET

A GOOD DEAL OP LOST GROUND TO MAKE UP. (By Oorrceponflont.) Auckland, April i. Tlw passing of the Easter holidays has ushered in an easier state of affairs in connection with building operations' and property transactions in Auckland. It is opportune that such a change should have occurred for tho stringency had been exceedingly acute. Tho tightness of the inonoy market was, of course, the primary cause, but the proximity of the Easter holidays to Christmas this year may havo in soma measure prompted a cessation of speculative operations. "Wo seem to havo turned the corner now/' was remarked by tho representative of a leading firm of land agents to a "Star" reporter this morning. Ho said that during the past week or two the property' market seemed to be much brighter, and in his opinion thero was every prospect of suoh conditions being sustained' lor at least some months. At the same time he admitted that there wns a. gocd deal) of lost ground to make up if tho returns for the year were to be as satisfactory as those of the past couple of yours. Another land agent who expressed similar views remarked that there had been comparatively a small amount of. transaction this year." "Tho cutting up of estates, for instance, has experienced a considerable check" ho said. This had ponfined operations to properties already 'in hand which meant that the possibilities of tlio business had been restricted. Iu fact tho supply had been temporarily greater than the demand. "You see," tho same gentleman remarked, "Auckland works, so largely 011 mortgages that when the money market bccomes tight, as it has lately, owners of property who are financing close to the wind (many on doubly mortgnges) feel the pinch convidorably. Those whoso mortgages expire durinjr siich a psriod have moro difficulty in renewing and very often a surplus of saleable properties is thus forced 011 the market. This has actually happened to some'extent lately."