By ROBYN WELSH
Acess to both state and private secondary schools is a key factor in the slow but steady increase in Epsom house prices. Auckland Grammar School and Epsom Girls Grammar School, in particular, have long-held reputations as excellent schools. More recently, a shortage of listings has drawn attention
to the quality homes and townhouses in the suburb, with real estate agents talking of prices "spiking" and being "more pronounced" than in the past.
Interest in Epsom isn't limited to buyers from other Auckland suburbs. Expatriate Kiwis are showing as much interest in Epsom as they are in Auckland's waterside suburbs as they move to secure a long-term family base.
Here, as in other central city suburbs, the high cost of land underpins property values - land alone here is worth $250,000 to $300,000 per 500 sq m. Yet buyers' expectations of value for money are still high and many are disappointed to find that the Grammar zone entry price of around $300,000 is likely to translate into a small home on a very small half site.
Larger executive townhouses on larger half sites fetch upwards of $600,000. They are a popular, low-maintenance alternative to the grand, older bungalows and villas. Grammar zone villas on a half site start at just under $500,000, rising up to $1,500,000 for the more prestigious homes on large sections (around 2000 sq m). Many such homes rarely make it onto the open market, selling off the databases of the sales agent without the need for a marketing campaign.
