WELLINGTON NEWS

Hokitika Guardian, 10 July 1925, Page 4

WELLINGTON NEWS

RI AL ESTATE MARKET. (Special to “Guardian”.) WELLINGTON, July ft. The Government Statistician has added some very useful facts and figures to the “ Monthly Abstract of Statistics,” and these are particulars of laud transfers, which of course give a wry lair idea of the real estate market. The figures lor the two past finaiU'iai years are given and they are extremely interesting. For the year ended March .‘lt, 192-J, the number of transfers of town and suburban properties registered was 25.925 and the consideration was .t17.081.i32H, making the average tikSd. For the year ended .March di, 1925, the transactions in town and suburban properties numbered 25.()5,'{. or 238 more than in the previous year and the consideration amounted to £17,727,202, an increase of .Cl-U.o(>9, over the previous year, while the average price was £(>S5, as compared with .£(>B(s in the previous year, which indicates that the values of .such properties have remained practically unchanged during the two years. The transactions in country properties for the year ended March HI, 1021. numbered SHI I and the consideration was £1(1,280,72(1, making Die average value of the country properties transferred Cl. Odd. In tinyear to March HI, 1025, there were 8385 transfers or 71 more than in the previous year and the figures present some interesting annual fluctuations. January shows little activity amongst both town and country properties, but the latter show n speedy recovery dining February and the former during March and April is low throughout followeil by a sharp recovery in May. In cacti of the two years covered country properties showed high figures in August and tho total consideration in connection with December country transactions was also high in both years. The figures for Mav tire given for each district and the total lown and suburban transaction was 211)5 against 2173 in May last year and 2(>(>2 in May 1923, the consideration money being Gl.(iStj.257 against .Cl ,7(52,5(51, last year and 1‘1,5(>7, 117 in -May. 1923. The country transfers numbered 919 as against 70.1 in May last year and 773 in -May, 192.3, and the consideration involve I was Cl .97! .039. as against £1,373.018 last year and Cl. I 15.(125 in 1923. The average value of the country properties transferred in May was £2,077. which compares favourably with tin* average for 192-1-25, which as shown was slightly under .£l,l-00. The transfers of country lands in May in the North Island numbered tips and the considerat ion £ 1.2/0,132. and in the South Island 291 transfers involving £99(1.909. It is the -North Island that is providing land agents, lawyers and and offices with the hulk ol their business.

Tll !•: LONDON WOOL SALKS. It is needless to stale that a very great deal of interest has been taken in the lunuluii wool sales which opened yesterday. (!rowers and brokers and business men generally have been greatlv interested for the wool position has been an enigma oven to those win have had a life’s experience in the trade. The May sales it will be remembered opened under very depressed conditions and crossbred wool declined (hi per lb all round. There were heavy withdrawals of all grades of wool and towards the close ol the sale there was a recovery of 2d per II). Nevertheless there were heavy withdrawals and considerable quantities ot this licld-over wool is being offered at the current sale. At that time the opinion was held that the market would show a further fall and that there could he no recovery until the November sales. The trade has had two months in which In digest stocks and get to grips with the real situation. Latterly Bradford has indulged in more optimistic views which have influenced opinions here. Not that there is any expectation ol anv radical improvement hut it is hoped that both growers and buyers will endeavour to meet and so cause a resumption of genuine business. It is recognised that what is badly wanted just now is confidence, and a good deal will depend upon the growers whether this confidence is restored or not. II they continue the policy ol withholding wool from sale that would prolong the period of uueerlainity. It is useless to expect to return to the prices ruling in November and T)eeemher for the conditions to-day are altogether different. All who have bought wool in tin* past .season have lost heavily and this must necessarily make them very shy. The Contingent is suffering from financial stringency and while no doubt wool is wanted in Mu rope much will depend on the prices whether Mranee. Germany. and Italy operate. The one great hope of the market is the probability Lhat the United States may come in and Im.v. if so a tone would he imparted to it which is at present lacking.