incessantly. Williams' style was ornate, plausible and "high falutin," but Lilly, who evidently possessed some small smattering of the classics, though not so flexible or fluent as his rival, distanced him in originality if not smoothness of style. In selling an allotment in William Street, near St. James's Church, Lilly completely outdid himself, for, not content with apostrophising Port Phillip as "This nascent empire of the South Seas," in summing up the numerous advantages of the property on hand, he had recourse to the ugliest and handsomest figures in heathen mythology wherefrom to extract some wordy yeast with which to inflate his absurd puffery—for he seriously declared that "words were inadequate to describe, and language, like Vulcan obeying the behests of Venus, follows thought with slow and halting pace." The force of bathos can no further go. In 1837, the Government land sales realised £7,221; in 1838, £62,467; and in 1839, £59,995. Town, suburban, and country lots continued to be alienated, and the Sydney capitalists, who mostly went in for suburban and country blocks, reaped a rich harvest by sub-dividing and sub-letting.
In bringing this chapter to a close I cannot do better than summarise a few of the numerous and almost incredible contrasts presented by a study of the early sales of land in Melbourne, and some of the changes effected in the value of that description of property in modern times:—
- The north side of Collins Street, from Queen to Swanston Streets, constituting the whole of the now fashionable "Block," was originally sold for £455—about one-fourth of what a single foot of it would now bring!
- The corresponding, or south side of the same street was sold for £555, and would now realise an equally increased value.
- The north side of Bourke Street, from Elizabeth to Russell Streets (omitting the Post Office Reserve) netted £1982—an excess over Collins Street which I account for in this way:— The portion commencing at Swanston Street, northward, was not placed in the market until 1838, when the prices showed an advance, and the purchasers of four or five of the allotments, not standing to their bargains, their deposits were forfeited. These lots then remained over until the speculative fever of 1839 had set in, when they brought such proportionately enormous prices that Dr. Cussen appears down as the possessor of one for £635, or £180 more than the first cost of the whole "block," and Mr. James Purves gave £450 for another, or within £5 of the "Block" figure. So it was the forfeitures mentioned that unwittingly swelled the price. The corresponding, or south side of Bourke Street, owing, in a lesser degree, to the same causes, realised £1397 18s., one lot having brought £490. All this property, if now unbuilt on, would be worth from three to four times that sum per foot!
- Let us next take both sides of Elizabeth from Bourke to Flinders Streets, the land alone of which commands a present high value at per foot frontage. All the eastern side was originally bought for £283, the whole space from Bourke to Little Collins Streets, including the Beehive and Colonial Bank corners going for £56, and the Clarence half-acre corner for £50. The western side price was £290; the Bourke Street corner bringing £30, and the two Collins Street ones £40 and £42.
- Through the courtesy of Mr. T. Alston, I have been supplied by one of the most eminent auctioneer firms in the city with the following note of some sales of Melbourne properties, and they are given simply as a few specimen cases.
Memo, of prices realized for certain city properties from 1873 to 1877:—
Leviathan Corner, Bourke and Swanston Streets, shop, &c. (the half-acre originally cost £30), Jan. 29, 1873.—Land, 59 feet 6 inches to Bourke Street, and 65 feet along Swanston Street, and irregular depths. Area, 13 6-10 perches. J. B. Watson, £30,800. £517 12s. 10d. per foot, frontage to Bourke Street, £362,606 per acre.
Dec. 4, 1873.—Hall of Commerce and other buildings, Collins Street (the half-acre cost in first instance, £23). Land, 87 feet frontage, by irregular depths, 110 feet to 156 feet 9 inches. Area, 1 rood, 5 6-10 perches. Price realised, £40,000. £459 15s. 5d. per foot frontage. £140,289 17s. 3d. per acre.
Dec. 2, 1874.—Two shops in Collins Street, occupied by Wilkie, Webster and Co., and Geo. Wharton. Land, 63 feet 2 inches; frontage by irregular depths, 88 feet to 88 feet 3 inches; area, 11 7-10 perches; price realised, £14,466 13s. 4d.—£400 per foot frontage. £197,730 is. 7d. per acre.
Dec. 2, 1874.—Six shops in Collins Street, occupied by Fergusson and Mitchell, and Twiddell and Co. Land, 103 feet frontage by irregular depths of 107 feet 8 inches to 109 feet 3 inches. Area, about 1 rood 1 6-10 perches. Total price realised £38,850. £370 per foot frontage. £149,233 6s. 8d. per acre.
Dec. 1, 1875.—Two shops in Collins Street, occupied by Nicholson and Ascherberg, and F. Barber. Land, 36 feet frontage by irregular depths of 156 feet to 187 feet; area, 26 3-10 perches; total price realised, £19,000. £528 per foot frontage. £113,530 17s. 3d. per acre.
Mar. 22, 1876.-Two shops, next Union Club Hotel, Collins Street (first cost price of half-acre, £91). Land, 35 feet 11 inches frontage by 81 feet 4 inches deep; area, 10 7-10 perches; price realised, £6,465. £180 per foot frontage, £96,377 12s. 4d. per acre.
Mar. 22, 1S76.—Four shops (Collins Street) occupied by Gunsler, Hickinbotham and Son. Land, 66 feet 2 inches. Frontage by 314 feet 4 inches back to Little Collins Street, to which it has 65 feet 8 inches frontage; area 1 rood 36 2-10 perches. Price realised, £39,700. £600 per foot frontage, £83,307 7s. 6d. per acre.
