HOUSE PROPERTY

Hokitika Guardian, 13 August 1930, Page 3

HOUSE PROPERTY

- Jff':.v-- - AGEN®S! OPINIONS. 'iSISP??/ : p* ' * \ t , • “ /'/ \ , AUGKLIAN'D, August 10. “There’s a' -Bivtch .'of 50 instructions to sell propei - ties ; op'-‘'wliiQh! th© Government has lent money;”' 'said a prominabout: idle-losses facing the Department for State Advances. He produced his file and it showed cottages fsrtsale the district. One has merely to- look at the advertisements to see that many other mortgagees are gjssra-nx-ious to sell. Every day several properties come under the hammer. It i's:'4n'nflevitable accompaniment, of bad “The Government had adopted the of; 05 per pent, of-tbg value off property,”, saicjl another; agent', ‘‘and'tiia4 was fn times' when, all values were inflated. Now that h,ave copie dowp with •plafef§> the Government.;'lent,, ■money'mre l -actually not' worth..: the) WaHM ‘ad'WRTCSk’ andjutr. agent-in the WQ'rld (iquld geff?the prices the Govern-ment-are asking. There is only one.' ,^kan.%:tp.:h®^done ) .is to ffape- 1 “the loss. 'Tlie Government wlltlfiave tolose -the-difference between the - sum lent and what the property will bring to-iffiy in a dead market.” J Bfiyers to-day only want bargains, and will not look at properties priced as high as those the Government is

now anxious to get rid off. Almost without exception, the properties are of th&same.elass, places built for workers. A^t’ of the places the Government wiipts -to. sell have been abandoned by theohortgagors,. who found it quite impossible .to keep,up the . payments. People who got in early and got their money at a cheaper rate of interest are sgjdrjto be holding on to their places &:who bpi.lt-;alter /tlie’:Govej-n----;.:ig.pnt .had- to rgise the interest, (iip to ?ahout 6J-. per' cent.)’. have'J not' - been able to hold on through the. present bad times.