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 zone||Bordering school zone 1km|
|School||Dec-18 Median||Number of sales||Dec-18 Median||Number of Sales||Difference|
|BEAUMARIS SECONDARY COLLEGE||$1,622,500||222||$1,210,000||143||$412,500|
|GLEN WAVERLEY SECONDARY COLLEGE||$1,621,000||116||$1,300,000||241||$321,000|
|KEW HIGH SCHOOL||$2,001,000||344||$1,715,000||344||$286,000|
|MCKINNON SECONDARY COLLEGE||$1,548,000||121||$1,390,500||320||$157,500|
|MOUNT WAVERLEY HIGH SCHOOL||$1,310,000||361||$1,173,000||286||$137,000|
|CAMBERWELL HIGH SCHOOL||$2,100,000||387||$1,980,000||491||$120,000|
|BOX HILL HIGH SCHOOL||$1,285,750||214||$1,200,000||332||$85,750|
|FRANKSTON HIGH SCHOOL||$770,550||290||$690,000||214||$80,550|
|BALWYN HIGH SCHOOL||$1,980,000||247||$1,900,000||290||$80,000|
|UNIVERSITY HIGH SCHOOL||$1,395,000||135||$1,327,500||190||$67,500|
Primary schools – 2+ bedroom houses
12 months to 31 December 2018
In school zone
Bordering school zone 1km
Number of sales
Number of Sales
SOUTH YARRA PRIMARY SCHOOL
LLOYD STREET PRIMARY SCHOOL
HAMPTON PRIMARY SCHOOL
MALVERN CENTRAL SCHOOL
MOUNT WAVERLEY PRIMARY SCHOOL
PRESTON WEST PRIMARY SCHOOL
FITZROY PRIMARY SCHOOL
AUBURN SOUTH PRIMARY SCHOOL
ALTONA PRIMARY SCHOOL
VALKSTONE PRIMARY SCHOOL