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.