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WEDNESDAY, APRIL 26, 1978
PROPERTY REVIEW 1978
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THE AMOUNT OF FLOOR AREA OF BUILDINGS TO BE COMPLETED THIS YEAR IS EXPECTED TO INCREASE BY 20 PER CENT OVER LAST YEAR, ACCORDING TO THE RATING AND VALUATION DEPARTMENT'S 1978 PROPERTY REVIEW PUBLISHED TODAY.
THE REVIEW, WHICH IS OBTAINABLE FROM THE GOVERNMENT PUBLICATIONS CENTRE AT $40 A COPY, ALSO REVEALED THAT LAST YEAR ABOUT 25 MILLION SQUARE FEET WERE COMPLETED, UP 60 PER CENT OVER 1976.
COMMENTING ON THE REVIEW, THE COMMISSIONER OF RATING AND VALUATION. MR. RAYMOND FRY, SAID THAT 1977 HAD BEEN A VERY ACTIVE YEAR FOR THE PROPERTY MARKET, AND HAD SET THE SCENE FOR AN UPSURGE OF DEVELOPMENT IN MOST AREAS FOR THE NEXT TWO OR THREE YEARS.
HE CAUTIONED, HOWEVER, THAT DEVELOPMENT ON SUCH AN UNPRECEDENTED SCALE WOULD NECESSITATE A FURTHER EXPANSION OF THE CONSTRUCTION INDUSTRY AND THIS COULD BE AN INHIBITING FACTOR.
THE SUPPLY OF PRIVATE DOMESTIC ACCOMMODATION IN 1977 AT 20,870 UNITS SHOWED A 35 PER CENT INCREASE ON THE 1976 FIGURE OF 15,425 UNITS. IN 1978 AND 1979, OVER 30,000 NEW UNITS ARE EXPECTED TO BE COMPLETED IN EACH YEAR, THAT IS A FURTHER 50 PER CENT UP ON 1977 AND NEARLY DOUBLE THE 1976 FIGURE. MOREOVER, BASED ON KNOWN PROJECTS ONLY, THE PRELIMINARY FORECAST FOR 1980 IS FOR AT LEAST 20,000 UNITS.
+THIS PROSPECT, ALONG WITH THE RAPIDLY EXPANDING PUBLIC SECTOR - INCLUDING FLATS BECOMING AVAILABLE UNDER THE GOVERNMENT'S HOME OWNERSHIP SCHEME - CAN ONLY BE GOOD NEWS FOR FAMILIES SEEKING A HOME OF THEIR OWN, MR. FRY SAID.
+TOTAL DOMESTIC VACANCIES AT DECEMBER 1977 WERE AROUND 9,500 WHICH, SEEMINGLY, IS A SMALL INCREASE ON THE POSITION A YEAR PREVIOUSLY,÷ HE ADDED, BUT, THE COMMISSIONER POINTED OUT, THESE ARE MAINLY CASUAL*
*CASUAL VACANCIES OR VACANCIES IN NEWLY COMPLETED BUILDINGS, AND PROVIDE NO MORE THAN THE NECESSARY WORKING MARGIN IF A DEGREE OF FLEXIBILITY IS TO BE MAINTAINED IN THE MARKET.
RENTALS IN ALL DOMESTIC CLASSES SHOWED A FURTHER UPWARD MOVEMENT DURING THE YEAR 1977, WITH AVERAGE INCREASES OF FROM 9 PER CENT TO 18 PER CENT ON 1976 FIGURES. +OF SOME CONCERN ARE THE FURTHER INCREASES RECORDED IN THE LAST QUARTER OF 1977, BUT THIS TREND SEEMS LIKELY TO BE CHECKED AT THE LOWER END OF THE MARKET BY THE LARGE SUPPLY COMING ON-STREAM IN 1978 AND 1979, + MR. FRY SAID.
SALE PRICES ALSO SHOWED SUBSTANTIAL INCREASES, WITH AVERAGE PRICES AT 13 PER CENT TO 23 PER CENT ABOVE THOSE RECORDED IN 1976.
THE REVIEW