From the Archives, 1971: Bricklayer pays ‘ludicrous’ $18,500 for house website

Very first released in The Sun-Herald on May 7, 1971.

After paying $18,500 for a plot of Crown Land the other day, a bricklayer stated, It will take the rest of my life to pay it off. The cost is outrageous, he stated. The Federal government ought to assist individuals who wish to construct their own homes. A daddy of 2, Mr John Pernic, 35, of Jellicoe Street, Bankstown, took his quote $1,000 over the reserve cost of $17,500.

He stated: However I simply might not have actually gone greater than that. Now I hope

to develop a home on the land. An overall of 18 plots in trendy East Killara cost $316,000.

The land lies in between Koola and Kanowar Avenues. These plots varied in rate from$160,000 to$ 17,500. A spokesperson for the Department

of Lands stated: Anybody can contact at the workplace on Monday early morning and purchase these plots. But they will not be cost less than the reserve price. The leading cost paid at the auction was$ 19,600 for land that started with a reserve cost

of$ 17,000. The most affordable rates paid were plots at$13,000 each. The land (valued at$ 17,500 )on which the auction was held

did not draw in a buyer. Injustices in land costs, states representative

By Rod Barrand Unless the land expense spiral was stopped, the typical Australian household

would hare to return to leasing its house,
a Sydney genuine

estate specialist stated this week. Mr M. J. Davis, handling director of 9 property advancement business, stated oppressions had actually caused the skyrocketing land prices. People having a hard time to purchase a block of land are being priced right out of the marketplace, he said. Unless something is done to examine the choices of the Federal government’s real estate advisors there will be absolutely nothing left for it to

do however offer inexpensive real estate leased out. Land rates started increasing in 1945 when we started to manage land use by presenting town and nation preparation, he stated.

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