Properties close to some of Melbourne’s popular public primary and secondary schools are selling for up to $400,000 more than those just outside the zone, according to data from industry body the Real Estate Institute of Victoria (REIV).
The data reveals houses within certain school catchment areas are hot property as access to sought-after schools is one of the major factors buyers with school-aged children consider when hunting for a new home.
“The median house price for a residence within the designated neighbourhood boundary for the newly opened Beaumaris Secondary College is $1.62 million while the median for a house within a one-kilometre radius of the zone has a median of $1.21 million - $412,500 less,” REIV President Robyn Waters said.
“Meanwhile homes bordering the school zone for South Yarra Primary School have a median of $1.37m which is $335,000 less than the $1.7 million median for a house within the school zone.
Ms Waters told WILLIAMS MEDIA addresses within coveted designated neighbourhood boundaries for public primary schools have become more desirable than high school zones.
"Location within a well-regarded public primary school zone is important for increasing numbers of parents who plan to send their children to a public primary school followed by a private secondary college.”
Ms Waters said homes within the catchment areas of popular schools are tightly held.
“Parents are weighing up the cost savings of sending their children to a good public school rather than spending thousands on fees at a private school,” Ms Waters said.
“Most of these schools require proof of residency such as a Council rates notice, utility bills and/or driver’s licence, a statutory declaration of residence or a minimum leasing arrangement of 12-months from a Licensed Real Estate Agent and many only offer school tours for families who live within the designated zone.
Hodges Sandringham director Stephen Wigley told WILLIAMS MEDIA competition to get into top primary catchment areas is frenzied, and he's noticed a boost in buyer numbers at open-for-inspections for families wanting to get into the catchment area for the new Beaumaris Secondary.
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