small to medium sized residential flats, the prices of which were pitched in the $6,500 to $8,500 per square metre range. Generally speaking, the property market at the present time has three particular characteristics. First, for practically all types of premises, prices have fallen more substantially and on a more widespread basis than have
have rentals. Second, prices and rentals for premises in prime locations have been
more stable than for those in other locations. Third, the
magnitudes of the
the reductions in prices and rentals have been
most marked for shops, offices other than those in prime locations and residential premises. The reductions were less
for industrial premises, while offices in prime locations were
the least affected.
5.6
In the first quarter, planned development of all
types of premises, in terms of total usable floor area shown
on building plans for which consent to commence work was
given, was 34% less
less than in the first quarter and 25% less than in the fourth quarter of 1981. But again these quarterly
figures are liable to be subject
subject to significant short term
fluctuations. The floor area represented by consents amounted
to 806 000 square metres, which is higher than the quarterly average for both 1979 and 1980.
Residential
Commercial
Industrial
Others
Total
1st quarter
1981 ('000 m2)
1st quarter
1982 ('000 m2)
% change
458
163
-64
261
257
-2
465
365
-22
33
21
-36
1 216
806
-34
31
/ Building