Six-figure premiums continue to be paid for homes within Melbourne’s top public school zones. In February 2020, the REIV released the results of an analysis of 2019 residential property sales. The analysis revealed that families can expect to pay up to $425,000 more to reside within a school zone “when compared with the median price for houses outside those school catchments”.
Many families choose early on to invest in housing within these zones, rather than send their children to expensive private schools. As reported in April 2019 by the REIV, “houses in sought-after school zones had A+ price growth in the past decade, with huge demand from families in Melbourne’s east”. In November 2020, Domain released its Domain School Zones Report which revealed that “three quarters of primary school zones and 85% of secondary school zones posted positive annual house price growth” based on sales within catchment zones in the 12 months to October 2020.
Just last week, Jayitri Smiles from Realestate.com.au published a summary of the 14 most exclusive school zones within Melbourne. Albert Park topped the list, with a huge $495,000 difference in the median price between houses on either side of the Albert Park College school zone.
With the Victorian government pledging to open 100 new schools between 2019 – 2026, homebuyers would be smart to invest where new school zones will exist in the years ahead.
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By Wendy Chamberlain
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.
