VALUES FALLING
POSITION OF SYDNEY’S PROPERTY MARKET “UNDOUBTEDLY OVER-BUILT Property* values and rents in Sydney are falling steadilw, according to Mr. E. J. Coot of the firm of Angus and Coot. Sydney, and a prominent property investor. Mr. Coot, who is passiug through Auckland in the Niagara on a holiday trip to the West Indies, attributes this fall partly to present conditions and partly to an excess o£ building. “Sydney is undoubtedly over-built,” he told The Sun. “Times are not particularly hard,” he continued. “It is simply that they are not as good as they have been. The drop in wool prices had a lot to do with it, but economic laws must prevail in time and the change in Government has had a stabilising effect.” He estimated that, speaking generally, business turn-over Was 20 per cent, less in the last few months than it has been. This was because of the wool position, strikes, and retrenchment in big businesses. He predicted that nett profits this year would be less than for some years past.
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Bibliographic details
Sun (Auckland), Volume III, Issue 847, 16 December 1929, Page 10
Word Count
175VALUES FALLING Sun (Auckland), Volume III, Issue 847, 16 December 1929, Page 10
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