Although some suburbs in Auckland have seen house prices continue to fall, there are some exceptions.
Houses in the Epsom’s double grammar zone continue to attract buyers’ interest.
Even a two bedroom & one bathroom unit with a half share of a 607 square meter piece of land sold over $1million. Yes it was brick and tile but nothing compared to the new Kiwibuild homes that are selling for around $650,000 in south Auckland.
The case in point was a two bedroom unit located on 1/30 Arcadia Road, Epsom which sold for just over $1 million this week.
A similar unit located outside of the school zones would have fetched no more than low $700k. Come to think of it. A Kiwibuild home located in south Auckland (completely brand new with three bedrooms (not 2) and a carpark could be bought for around $650k. The difference of up to $300k is the value of a highly desirable school zone and a highly desirable neighbourhood.
So here’s a tip: If you can afford to, buy a houses in good school zones. Even in times of a retreating housing market, the house will continue to hold its value and may even appreciate in value if it is well maintained.