Fixing Values on House Properties

Manawatu Times, Volume 69, Issue 60, 14 March 1944, Page 4

Fixing Values on House Properties

A sitting of the Rural Land Sales Committee was held in Palmerston North yesterday. Members are Messrs T. Jordan (Masterton), T. G. Vincent (Levin) and G. A. Hansen (Kaiparoro). The first case was in respect of a house in .Main Street east, Palmerston North, said to be at least 50 years old. The vendor asked £775 while the Government valuation was £575. »The Crown evidence showed the section to be 44 feet by 165 feet. The house had five rooms. The front had a gable roof but the back was a lean-to showing signs of rot in the timber. The house was worth, the Government witness said, £350. A garage of poor type was worth £25, fencing £2O and concrete path £5. Mr. J. M. Gordon, for the vendor, said his client, a. builder, had bought the place in June, 1942, for j £7OO and he had since added facilities ■ worth £4O. After paying land agent's [ commission he would be making nothing on the deal. His reason for selling was that he was leaving Palmerston North. [ The committee fixed the price at £7OO. j The sale of a dwelling in Bourke Street, Palmerston North, was approved at £775, the valuation placed on the land tSU.feet frontage) being £132. The Government valuation was £715. The house was said to be 40 years old. The vendor had been asking £935. A house in Havill Street, Palmerston North, was next considered. The vendor asked £I7OO. The section has a 50ft. frontage and depth of about two chains. The house is of the Spanish bungalow type, built in 1939. The value placed on the section was £250 and on the house £1333 17s (id, the balance being the value of garage, fences, paths, etc. The vendor purchased in 1941 for £I4OO, including an adjoining section, but improvements had been made since. The Government vainer placed £1405 on the property. He gave the following history: Section bought in 193$ for £l5O and house built for £BSO, total £IOOO. Sold a year later for £IOSO and again in 1941 to the present vendor for £1250. There had been improvements made since to the value of about £SO. The committee fixed the price at £IOOO. The price agreed upon for a dwelling in Ferguson Street east, Palmerston North, was £I2OO. The vendor was asking £1250 and the Government assessment was £llOO. The area of the section was 24.24 perches. A dwelling in Ferguson Street, within five minutes of the Post Office, the vendor asked £BSO for. It was built 36 years ago. The section has a 45ft. frontage and is 94ft. deep. The value placed on the land was £lB5. The Government valuation was £705. The committee fixed £775.