Why people pay more to live in school zones.

Property Values Boom Around School Zones Info-graph
Property Values Boom Around School Zones Info-graph

You’ll pay more to live in a good school zone.

Mum and Dad buyers often pay attention to school performance ratings on websites like the my schools website and are likely to pay more to be near public schools with higher scores. Buyers who have kids or are planning to have kids will likely use this type of criteria as the most important part of their search.

The upshot: A school’s high rating often drives up the prices of homes in that school’s zone. Even if you don’t have kids, you’ll still pay more to be near a good school. Schools basically establish an area as a good location.

 

‘Properties close to Australia’s top performing state schools regularly command sale-price premiums compared to neighbouring areas. Weekly rents are also increased.’

Wise Real Estate Advice senior buyer’s agent Mark.

 


 

Good future resale value.
Real estate never comes with guarantees, of course. But it’s certain that parents will always want the best school they can afford for their kids. In markets good and bad, home buyers should think about resale when seriously considering a home. Buyers, before moving forward on a home, should immediately think like a seller. Ask yourself the question: “If the housing market changes and I need to sell, how will my home fare?” The location, and in particular the school zone, should be considered.

School zone boundaries.

There is plenty of real-estate sales data to prove an increase in home prices within local school boundary zones. Taking into consideration local school geographical boundary at which they accept enrolments can be the biggest winner for capital growth of your property. School zones and their boundaries, even if you don’t have children, should be on every buyer’s radar.

 

Schools require proof of residence.

As part of the enrolment process, schools need to know that their students are locals and live within the catchment area. It is common for a family to move out of their owned family home and rent a property in a good school catchment zone. This is acceptable by the school, although schools do still require proof. There are certain ways of checking whether or not a family is residing within the catchment zone. Often, other parents will inform the school if they suspect a family does not live locally and in some cases, schools won’t hesitate to visit the home to check for themselves.

Why people pay more to live in school zones.
Compromising on house specs.

In many cases parents place high importance on getting their children into the school zone of their choice. Families may select a less favourable looking house to buy or rent, as what they would normally choose. Perhaps a second bathroom or an extra 4th bedroom wouldn’t be a ‘must-have’. This is great news for the investor as it would mean that you would most likely have tenant applications a-plenty, keeping vacancy rates low. Families do generally require a minimum of 3 bedrooms and several other specs within the family home so when purchasing a property within a school zone there are certain things you should not compromise on.

 

 


What Our Buyer’s Agent Have To Say

Always choose to buy property close to the amenities such as public transport, major infrastructure and shopping centres. Schools are a major drawcard. It’s now common for families to rent a property in a specific school zone to get their child into a good school. So, if you want a family with school-aged children to rent your investment, purchase a property near a school. How do you know which is a sort after school? Check out the government’s web site NAPLAN, It contains test scores for the national standardised tests, known as NAPLAN, and a wealth of information about schools around the country.

 

At Wise Real Estate Advice, we ensure all boxes are ticked and that sincere care is taken when providing a buyer with the wise advice and action required throughout the buying process. To speak to one of our friendly buyer’s agents click here to fill out an enquiry form or just simply call us on 1300 00 WISE.