According to research conducted by the Real Estate Institute of Victoria (REIV), homes located within some of Melbourne’s best public school zones have asking prices in excess of $100,000 more to similar properties that position outside school zones. Its becoming public knowledge to learn housing prices within school zones are higher to neighbouring properties, but the price differences may surprise you!
The popular South Yarra Primary School has median house prices of $1,930,000 within its school zones whilst other houses of equivalence sitting outside the school catchment holds an estimated housing median price of $1,520,000. This is an alarming $410,000 pricing difference.
If we take a look at another suburb in Melbourne, you’ll be further surprised. Housing situated within the Altona Primary School zones have a price difference of about $325,000.
Taking a look on the Eastern suburbs of Camberwell, an expensive suburb in its own right. Housing prices within the Camberwell High School zones achieved a price difference of $289,000 compared to properties falling outside the school catchment.
The McKinnon Secondary College school zone would be one of the most prized public schools in Melbourne. It borders the suburbs of Bentleigh and McKinnon (bayside area of Melbourne). Prices differed by $235,000 just to be within the school zone.
This is clear evidence that the Melbourne property market has a clear correlation to school zones. Residents living in Melbourne want to be close to high quality schools. It is a key driver to where people want to live and/or invest.
Richard Simpson (President of the REIV) noted family purchasers are willing to pay more for a home within school zones compared to enrolling their children into private education. Furthermore Richard Simpson also confirmed that many of these catchment areas experience a high turnover of stock, indicating ongoing buyer demand for homes in these suburbs. Given this demand, these areas are also well-positioned for significant long-term price growth.
If you are wanting to buy a brand new or off the plan home in a school zone, we are here to help. Please contact us to discuss further.
*We would like to thank REIV for the factual information dated 31st December 2018.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
May 2018
