Recent analysis by the Real Estate Institute of Victoria shows the surprisingly high premiums Melbourne families are paying for homes within exclusive school zones compared to properties just outside the zone.
In some cases properties within the zone of highly regarded public schools are fetching up to 35% more than those outside the zone. The REIV report shows that houses inside the most popular school zones are being sold for $500,000 more on average, compared to properties just outside the zone.
Williamstown High School topped the list for the highest premium difference of 35.1%, with properties inside the zone fetching a median house price of $1,905,000 compared to those within 1km of the catchment selling for a median price of $1,410,000.
Homes in the catchment areas of Glen Waverley Secondary College, Frankston High School, Auburn High School and Albert Park College also fetched premium prices of between 18.7% and 29.7% higher than homes just 1km from the zone.
The research highlights the benefits of buying property within a good school zone, in many cases adding hundreds of thousands of dollars to the property’s value. Real estate agents often have long lists of buyers waiting for properties to become available in their preferred school zone, both to buy and to rent.
So regardless of whether you have school aged children, buying property within the catchment areas of Melbourne’s best public schools is a move that will pay off in due course.
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