Epsom jewel lies in diamond zone

The villa being sold by auction is in Auckland's prime double-Grammar zone. Photo / NZH

1930s house has been owned by just two families.

A home bought for 30,000 ($60,000) in the 1950s for its proximity to some of Auckland's most sought-after schools is on the market for the first time in 57 years.

The four-bedroom villa, at 40 Pencarrow Ave in Epsom, was bought by the current owner's parents in 1958 and Barfoot & Thompson real estate agent Jim Murray said it was in a "sought-after trifecta" of zones for Auckland Grammar, Epsom Girls Grammar and Auckland Normal Intermediate.

He said its Rarotongan owners bought the house so their six children could attend Parnell Primary.

The family operated four trading vessels, which travelled around the Cook Islands, and also traded pearl shells and copra.

It was bought from a family who were moving back to England and are believed to have built it in 1934.

Mr Murray said that in 2015, buyers would likely still be attracted to the schools in the area, as were the family in the late 1950s.

"Regardless of how times and property values have changed, schooling options are likely to play a key role this time around too.

"It's also in close proximity to other highly respected, private, schools Diocesan, St Cuthbert's and King's School."

Alex Brown, 69, who has lived in the house for about 40 years, said he remembered his parents telling him the home was bought for 30,000 ($60,000).

That works out to be the equivalent of about 16 years' salary for the average worker at the time.

Today, with the median annual income from wages and salaries at $45,864, it would cost 47 years' pay to buy the house at its 2014 capital valuation of $2,150,000.

The two-storey house sits on a 928sq m corner section - compete with mature fruit trees - opposite Windmill Park. Its ground floor walls are concrete and its second storey is timber.

Mr Murray said the house still had many original features - including tiled open fireplaces and ornate ceilings.

"This has been a much-loved family home over many years."

Mr Brown, a retired flight attendant, said he was leaving fond memories of the house, in which he is currently living with his nephew.

But he was looking forward to moving to Rarotonga, where he has a second home, and where the sun shone a bit more often.