RISE IN CITY VALUES

Dominion, Volume 7, Issue 2214, 29 July 1914, Page 8

RISE IN CITY VALUES

IN 'f HE BUSINESS CENTRE

SLIGHT FALL IN SUBURBS

Owners bf property in various parts of the City are in receipt of the new valuation notices, issued by the Valuation Departmentj and in order that some idea might be gained as to tho trend of values ' some, inquiries wero • made yesterday. Generally, it might bo said, the result of the recent valuation means a fairly substantial rise in business streets within the. limits of the City property, whilst in. most of the suburban districts a slight decline has been registered. Some of ■ the ■ property-own-ers who conduct businesses in tlieir own buildings express surprise at the increase whicli have- been made in their valuations, • and' express themselves _at a loss to account for-the same in view of the fact that business is perhaps hardly 'so brisk as it.was when the valuations werolast made—when Wellington was enjoying "boom" times. \ One property ■ owner with, a- frontage of 28 feet to .Willis Street, stated that his value had. been jumped £800 oddwhy, he:.could ' not'.understand.. He would not haye. been surprised at a ris'e of £200 or £300, but a jump of over £800 might tempt, him, he said,'to make objection. Another case is that of a. vacant' section in mid-city, tho value of which'his been increased by 30 per cent., though not so very long ago the property was offered for sale by auctionand not ii single bid Was received. , A, hotel'property in the heart of the City is . said to have been raised several thousand pounds in what grounds,' was. only known to-tho valuer. W.bat, it. is asked, .would be the position of the owner were National Prohibition to be carried at the end of- the year?.:■;, Owners of hotel properties, it is iwinted out, have some means of.readjusting values' other.than.those provided' by law to-day in such a contingency.' All along Lambtdn Quay, "Willi's Street, Manners' Street, Cuba Street,.', and Courtenay Place,, the .values of . property have boen-advanced fairly substantially.' lii. Wellington South no great alteration generally has been made, and at Island Bay a reduction of "about 10 per cent, is recorded. Tho\values, at Hataitai have been increased. '

Those who are'most affected in the Qity aro those who conduct businesses on their own premises.' Though in most case's they assert .'that the turnover in business has not increased, they will be called oil to pay additional' land tax into the colters, of the State without any compensating', benefit. Though the City rates are based .on .the Government valuations, the"-fact that., a rise in values has boeir rriado in certain..sections' of the City,'need-not necessarily be reflected in'tho rates. The City. re-, quires a certain sum. of money to maintain its ordinary'., services, and if_ the values have increased the proportional rates will be cut down. Tb ; what extent the total value of the City >, has .risen is not. yet available, and until that is made • known ,thc .City Corporation is unable to strike, its rate', but at least ens councillor who had been interesting 'himself in the new valuations mentioned yesterday .that 'he-' thought -it would- be incumbent upon the-Council to' reduce the "present apportionment of tho rates." 110 said that at present it was well known that there was nothing much in household property in Wellington. With the high price. 'of land and building, and the heavy rates, it was no wonder, that rents were high, and Wellington the dearest City-to live in in New Zealand. If tho feeling among property-; qwners in the City has been accurately gauged, it is likely that a considerable number of objections will bo lodged against the. new valuations within tho ■next week. "■■'■».'