1.
Friday, March 16, 1973
BETTER SUPPLY OF DOMESTIC FLATS SHOULD EASE RENT PRESSURE
1973 Property Review Forecasts Fairly Good Year
The number of domestic units completed in the private sector during
1972 was 20,589, an increase of some 8,300 or 68 per cent over the 1971 figure.
In his 1973 Property Review released today, the Commissioner of
Rating and Valuation, Mr. R.A. Fry, said that although the number of completions
was higher than that for any of the previous five years, the demand for domestic
accommodation was still very strong and did not appear to have eased to any
appreciable extent.
The forecast of completions for 1973 is 29,759 units, a very encouraging
figure, which should go some way towards easing pressure on rentals.
In the public sector, the number of units completed (13,770) was
well below the published programme, but a much better supply (nearly 24,000)
is forecast for 1973.
In January 1973, there were 7,012 unoccupied domestic units in the
private sector, but nearly 4,100 of these were in buildings certified for
occupation during the last three months of the year.
This has tended to exaggerate the position compared with last year's
total vacancy figure of 4,203.
The number of new units expected to be completed in the private sector,
together with vacancies, should provide an average of just over 3,000 units
each month for sale or renting during 1973.
With an improved supply in the public sector, it all adds up to 1973
being a fairly good year for the supply of domestic accommodation.
/The bulk