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Do School Zones Affect Property Prices?

With the competition to get into Brisbane’s leading private and public schools increasing, it seems that parents are going to great lengths to secure their child a place. This begs the question – is there an increased demand for homes located near the city’s best schools?

According to Jason Pattison, Business Development Manager of Harcourts Ascot, the answer is undoubtedly yes.

“Ascot attracts a lot of people who are relocating from interstate and overseas, who are on a fairly good income and actively seek out properties close to Brisbane’s best schools.

“Some buyers fall in love with a particular property but often reject it because it’s out of the school catchment zone,” Mr Pattison said.

Mr Pattison has noticed significant supply and demand issues for properties within school catchment zones.

“There is a definite supply and demand issue for houses within the school catchment zones which results in increased buyer competition and higher property prices.

“As there is a limited supply of housing within close proximity of Brisbane’s best school, buyers are willing to pay a little bit more to be within the catchment zones,” Mr Pattison said.

As well as increased competition, Mr Pattison suggests that properties within close proximity to top schools also command higher rental returns.

“Not only does being within the school catchment zones increase the sale price of a property, but it also increases rental returns. Renters are prepared to pay a bit extra each week to ensure their child secures a place at the best school.

“There will always be great demand for rentals within the school catchment zones, making them ideal investment properties,” Mr Pattison continued.

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