Why School Zones Increase Property Values

So why are property values booming around Melbourne school zones? Families are the single biggest group of buyers in Melbourne. Whether it’s young families upgrading their family home, older families adjusting the family home to better suit their lifestyle or couples with plans to start a family, there’s no shortage of families moving into town.
 

So What Is A School Zone?

A school catchment area or a school zone is the geographical location where a government school’s core intake of students must live. Catchment areas ensure every student from Prep to Year 12 is able to enrol at their local government school. Your local government school (primary or secondary) is the school which is closest to your home. You can review schools zone boundaries via this online tool.

 

The Facts About Buying in School Zones

  • A property located in a great school catchment area may add 10%-15% to its price. In fact, homes inside the best school catchment zones in the city sometimes go for as much as $600,000 more than those just outside. This trend holds true throughout Melbourne, and could make things difficult for young parents. On the other hand, it may be something for pragmatic Melbourne property investors to consider.
  • High-performing school Zones create strong competition for real estate as all parents want a great education for their child but don’t always have the means to send them to a private school.
  • High-performing government school zones are as valuable as garages, pools and bedrooms. They can add as much value to a home as any of these major items.
  • There are approximately 4 million Google searches on schools every month. The value placed on education is a high commodity and taken very seriously by a high percentage of Melbourne’s population.
Property Values Boom Around School Zones Info-graph
Property Values Boom Around School Zones Info-graph

Many schools state that your home must have been your principal place of residence for a year or more to be eligible, while other schools simply state that you must be a rate payer within the zone. So make sure you’re clear on the rules before you start to plan. Also, when looking at securing a home in a school catchment area, avoid the outskirts of the zone. The reason for this is that as the population increases, the boundary line for the catchment areas can change. You happen to be too close to the boundary, a few years down the track, you may not be in the zone anymore, which could cause your property’s value to drop.

When you’ve picked a school and it’s time to secure a property make sure you get the best local advice possible. With the right help and a little luck, purchasing property in a desirable school zone could reap great rewards for both you and your little ones. 

Is it worth it? Questions buyers should consider. 

– Do your research, know property values in the desired school catchment zone.      

– Know the catchment zone boundaries, this can be obtained directly from the school. 

– Work out how much a good private school would cost VS the increase in property price and interest repayments for the life of the loan.


 Recommendations

The inner and middle suburbs of the east have some of the top public schools in the Melbourne.

New research shows Glen Huntly Primary School was the school catchment area with the fastest house price growth in the entire country, with 41.3% price growth in the past 12 months, according to Domain data. The average hose price within the catchment area of Glen Huntly Primary School is now bought up to $1.2 million.

Firther down the list, in third place, Hawthorn’s Glenferrie Primary School showed 35% growth and a average house price of $1.5 million, and Kerrimuir Primary School, in Box Hill North also had a significant rise in house price with the average being $1,183,000.

Being in high performing school zone can be a great investment over the long-term. Both for your child’s education and their inheritance. Owning a property located near a good school, that ticks all the boxes will become an even more valuable commodity in the future, as the nation is only becoming more and more populated.

Melbourne's Top Schools, That Buyers Pay More To Live Around.

Clifton Hill Primary School

Mont Albert Primary School

Chatham Primary School

Surrey Hills Primary

Camberwell Primary School

Balwyn North Primary School

Gardenvale Primary School

Ormond Primary School

McKinnon Primary School

Auburn South Primary School

Hawthorn East

Cranbourne East Primary School

Balwyn High School

Parkville Northcote High School

Princes Hill Secondary College

McKinnon Secondary College

Melbourne Girls’ College

Richmond Alkira Secondary College

Glen Waverley Secondary College

Camberwell High School

Strathmore Secondary College

Summary

Article Name
Booming Property Values Around School Zones
Description
Upscale your investment returns & buy property around BOOMING school zones. FREE advice from Wise Real Estate Advice, Melbourne's best buyers agents
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Publisher Name
Wise Real Estate Advice Pty.Ltd.
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How about property investors?

Wise Realestate Advice Buyers Advocates specialises in buying investment properties for their buyers and looking at good school catchment zones are one of the criteria our agents often look consider. If you want a good long-term tenant, it’s wise to look into buying a property in a good school catchment area. Tennants who live in a school zone are eligible for enrolment at the local public school.

Our knowledgeable Agents at WISE REALESTATE ADVICE say purchasing a home within a boundary to a high performing school can add hundreds of thousands of dollars to the price of a home. For more comprehensive information please phone 1300 or email [email protected] for a chat with one of our buyers agent’s and they’ll be more than happy to answer any queries you may have.

Recommended Articles

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Summary
Article Name
Booming Property Values Around School Zones
Description
Upscale your investment returns & buy property around BOOMING school zones. FREE advice from Wise Real Estate Advice, Melbourne's best buyers agents
Author
Publisher Name
Wise Real Estate Advice Pty.Ltd.
Publisher Logo