Homes in the designated neighbourhood boundary of some of Melbourne’s popular public primary and secondary schools are securing sale prices of up to $412,500 more than those just outside the zone, according to the latest REIV data.
REIV President Robyn Waters said houses within some school catchment areas are hot property, because access to sought-after public schools is one of the major factors that buyers with school-aged children consider when hunting for a new home.
“The median house price for a residence within the designated neighbourhood boundary for the newly opened Beaumaris Secondary College is $1.62 million, while the median for a house within a one-kilometre radius of the zone has a median of $1.21 million – $412,500 less,” Ms Waters said.
“Meanwhile, homes bordering the school zone for South Yarra Primary School have a median of $1.37m, which is $335,000 less than the $1.7 million median for a house within the school zone.
“From the REIV’s latest data, it appears that addresses within coveted designated neighbourhood boundaries for public primary schools have become more desirable than high school zones. Location within a well-regarded public primary school zone is important for increasing numbers of parents who plan to send their children to a public primary school followed by a private secondary college.”
Ms Waters said homes within the catchment areas of popular schools are tightly held.
“Parents are weighing up the cost savings of sending their children to a good public school rather than spending thousands on fees at a private school,” Ms Waters said.
“Most of these schools require proof of residency, such as a Council rates notice, utility bills and/or driver’s licence, a statutory declaration of residence or a minimum leasing arrangement of 12 months from a licensed real estate agent, and many only offer school tours for families who live within the designated zone.
“Median price differentials of more than $100,000 from within and outside school zones have been found around schools in Beaumaris, Glen Waverley, Kew, McKinnon, Mount Waverley, Camberwell, South Yarra, Malvern East, Malvern, Hampton, Preston, Fitzroy, Hawthorn East, Altona and East Bentleigh.”
