SYDNEY PROPERTY.

Hokitika Guardian, 24 July 1925, Page 3

SYDNEY PROPERTY.

ERA OF THE SKY-SCRAPER. SYDNEY, July 16. . When in the early days men bought land in Sydney for practically a song, they little dreamt that they were laying, for those to follow and to acquire property, riches that would not have been scorned even by the old bandits who descended upon Carthage atul Spain and Mexico. For every foot of land in the city of Svdncy to-day is a little goldmine. Property which changed bands in the city a few days ago showed a value of over £100!) ii foot. Even that, however, is small compared with some o! tho prices that have been paid within the last few years. A couple of years ago, for instance, property m George St. brought £2270 n foot. Clearly, there is a lot of money about, tor even with the extraordinary growth of city values, bidding is always keen lor city property, or, to be more correct, tor the sites, for the buildings on not a few of them are being demolished to make way for more massive and more profitable structures. Take the latest big sale. A property was bought for £60,000, but the new owner is only awaiting the expiration of the leases to demolish it, and to pm on the same site an eight or nine storey building. Everywhere in the city to-day it is the same.