Is your zone on the list?
The capital growth of properties in catchments zones for Australia's top public schools is increasing at up to five times the city average according to Domain's Annual School Zones Report.
With the beginning of the school year underway, Domain has looked at how school catchment zones affect property prices.
And it turns out, catchment zones have a significant impact on prices.
Domain’s chief data scientist, Dr Nicola Powell, said property price growth near top schools was significantly higher than the average growth rate of the city.
“Nationally, the top 10 growth rates around particular schools were up between 18-41 per cent in 2016," she said.
"To put this into perspective, in the same period, Sydney house price growth was around 1.5 per cent, and Melbourne, around 7.3 per cent."
Victorian schools dominated the national top 10 lists in the 2016 report.
The report shows that school catchment zones can have more of an impact on property prices than suburb, despite house price growth generally being reported according to cities and suburbs.
Powell said there is a correlation between property price growth and school catchment zones.
“While large variations across suburbs in capital cities is normal, and many factors influence price growth in a given area, this data does suggest a relationship between high price growth and school catchment zones," she said.
“We know from anecdotal feedback from both agents and parents that a desirable school zone can influence prices by up to 10-15%.
Domain’s property app classifies properties according to which of the 4000 school catchment zones they fall in, a tool that has proved to be hugely popular for families searching for homes near desirable schools.
The figures Domain used were based on the prices for properties sold between November 2015 to October 2016.
To find out more, visit the Domain School Zones Report.
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