RUSH BEFORE LAND SALES ACT

Dominion, Volume 37, Issue 19, 18 October 1943, Page 4

RUSH BEFORE LAND SALES ACT

Leading Agent’s Experience MORE WANTING TO BUY THAN TO SELL

Rather than having a rush of persons to sell before the Soldiers Settlement and Land Sales Act became operative, the personal experience of the president, of -the New Zealand Real Estate Institute (Wellington branch), Mr. K. A. Large, was of an appreciably increased demand by -buyers who had the feebug that after today there anight be tower properties offering. Air. Large said lie felt that after six to eight weeks business would settle down to its normal routine following the preliminary uncertainly which was inevitable. 1 lie Act was now the Jaw and the land and estate agents would, he thought,-co-operate. Personally be considered much good would result. It would certainly not be so much a sellers’ market in the future, and there would be an end to hi'”h values created not by persons buying homes for themselves but speculatively. Though the values Lad been fixed at those of December, IJ4-, he did not consider there had been such a big all-round increase as was thought by some, but the tendency had been to rise. He had been struck by the fact that a number of persons wanting to sell had not a full appreciation of the Act. In two cases, properties had been brought to him for sale last week where the vendors did not know there were only a few days left before the Act operated. It might lie an indication that the average property-owner had not fully considered the legislation.. He ha'd asked those who brought in properties last week what they would do if they could not get the price they wanted. The majority were prepared to leave the matter to the Land. Sales Committee, and if Its valuation was not much under theirs, they would sell. It appeared to him, therefore, that many people at all events were prepared to meet the market. Intending buyers, on the other hand, appeared to have a real grasp of the Act and were apprehensive that there would not be the same range of properties offering. He-believed that the intention was to make the machinery of the Act function easily so that vendors could get flgood indication of how values were going to work out. There were other instances where persons transferring elsewhere had said that if they could not get their price they would, let their properties. He did not think returned servicemen purchasers would be greatly helped by the Act. Under rehabilitation finance they were in the main limited to £l5OO on a house which must not be more than 15 years old. A well-built and cared for hou.se built 20 years ago could be superior to one of inferior timber constructed 10 years ago. If money could be advanced on older houses of the type which had an obviously shorter life, then the position might be met by increasing the weekly br monthly payments. Under existing rates of pay it ’should be possible to meet such increases.