It costs to live in top school zones
It’s no secret it costs a premium to live within a specific school zone. But how much?
New Real Estate Institute of Victoria (REIV) data shows that homes located within the catchment area for some of Melbourne’s best public secondary schools are attracting close to a $600,000 premium compared to those outside the zone.
In 2016, the median house price of properties with more than two bedrooms in desirable public school zones is significantly higher than the median price of nearby similar homes bordering the zone.
Top of the class?
The analysis, undertaken in the 12 months to March, shows the largest price difference was recorded for homes zoned for University High in inner northern Parkville.
Homes within the school zone had a median house price of $1,395,000 while homes within a one-kilometre radius of the school zone had a median of $799,000 – a difference of $596,000.
Homes zoned for McKinnon Secondary College also achieved sale prices significantly higher than those located outside the catchment area. The median house price for homes within the zone was $1,500,000 compared to a median of $1,195,000 for homes in the same suburb but outside the school zone.
Vendors of homes within the school zone for Cheltenham Secondary College could also expect higher sale prices than those located outside the zone. A difference of $150,000 was recorded for homes that sold within the school zone.
REIV CEO Geoff White says access to high-quality amenities and services – particularly schooling and education – is a key driver of price growth across Melbourne.
“Rather than paying private school fees, parents of school-aged children are increasingly investing that money in the family home and buying into areas zoned for top performing public schools,” he says.
“These areas also experience a high number of sales indicating the level of buyer demand within these zones.”
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