School zones push housing prices up. According to recent research conducted by Domain Group, prices in popular school zones witnessed dramatic increases as high as 46%! This is in just a 12 month period.
Over the recent decade, many families have decided to pay a premium price tag to be housed within a school catchment. Parents are trying to enrol their children into high-performing schools or reputable government schools. Please refer to the 2021 School Zone Report by Domain Group for more details.
Domain’s chief of research Nicola Powell said the pandemic had helped supercharge school catchment prices with flexible working allowing young families to relocate to suburbs with easy access to beaches, parks, and schools.
Apparently one-in-ten school catchment zones are experiencing price tags of 10% – 20% more than other homes just streets outside the particular school zones. Schools such as Doncaster East Secondary College, McKinnon Secondary College & Mount Waverley Secondary College have been in hot demand for years. Known for their advanced academic programs and VCE results, many are in large waiting lists.
House prices have risen across most school zones analysed, up in 83% of primary and 89% of secondary schools, aligning with the rising property market.
In Melbourne, housing within the Richmond Primary School saw the highest price jump of 39.6%, while Heidelberg Primary School and Valkstone Primary School took second and third place respectively with a 36.7% and 35.4% increase. If you’d like to see how your state faired in these recent results, click here.
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Disclaimer – This information has been sourced through Domain. One of the largest online platforms for real estate in Australia. They also offer a number of economical and statistic updates.
December 2021
