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Houses selling for up to $400k more in coveted public school zones

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.

If a property is within a school zone can make a significant difference to the value of a house according to the REIV. 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 neighbouring homes, 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.

Beaumaris Secondary College is an example where the median house price for a residence within the designated neighbourhood boundary for the school 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 according to the REIV data.

It is a similar story for South Yarra.  Where 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.

REIV data indicates 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 school.

Ms Waters said homes within the catchment areas of popular schools are tightly held.

For parents looking to buy in these catchment areas they often need to weigh up the cost savings of sending their children to a good public school rather than spending thousands on fees at a private school.

Many 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.

According to the REIV data 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.

 Melbourne School Zones can be accessed here.

Secondary schools – 2+bedroom houses

12 months to 31 December 2018

In school zoneBordering school zone 1km
SchoolDec-18 MedianNumber of salesDec-18 MedianNumber of SalesDifference
BEAUMARIS SECONDARY COLLEGE$1,622,500222$1,210,000143$412,500
GLEN WAVERLEY SECONDARY COLLEGE$1,621,000116$1,300,000241$321,000
KEW HIGH SCHOOL$2,001,000344$1,715,000344$286,000
MCKINNON SECONDARY COLLEGE$1,548,000121$1,390,500320$157,500
MOUNT WAVERLEY HIGH SCHOOL$1,310,000361$1,173,000286$137,000
CAMBERWELL HIGH SCHOOL$2,100,000387$1,980,000491$120,000
BOX HILL HIGH SCHOOL$1,285,750214$1,200,000332$85,750
FRANKSTON HIGH SCHOOL$770,550290$690,000214$80,550
BALWYN HIGH SCHOOL$1,980,000247$1,900,000290$80,000
UNIVERSITY HIGH SCHOOL$1,395,000135$1,327,500190$67,500

Primary schools – 2+ bedroom houses

12 months to 31 December 2018

In school zone

Bordering school zone 1km

School

Dec-18 Median

Number of sales

Dec-18 Median

Number of Sales

Difference

SOUTH YARRA PRIMARY SCHOOL

$1,700,000

87

$1,365,000

188

$335,000

LLOYD STREET PRIMARY SCHOOL

$1,980,000

113

$1,757,500

196

$222,500

HAMPTON PRIMARY SCHOOL

$2,050,000

77

$1,855,000

231

$195,000

MALVERN CENTRAL SCHOOL

$2,400,000

113

$2,230,000

251

$170,000

MOUNT WAVERLEY PRIMARY SCHOOL

$1,407,950

72

$1,266,000

171

$141,950

PRESTON WEST PRIMARY SCHOOL

$1,060,000

45

$920,000

227

$140,000

FITZROY PRIMARY SCHOOL

$1,435,000

66

$1,305,000

211

$130,000

AUBURN SOUTH PRIMARY SCHOOL

$2,230,000

59

$2,100,000

201

$130,000

ALTONA PRIMARY SCHOOL

$952,500

38

$830,000

75

$122,500

VALKSTONE PRIMARY SCHOOL

$1,468,000

59

$1,355,000

251

$113,000

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