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Surprising new data shows that Melbourne properties located close to a particular kind of school are more likely to see substantial price growth, upwards of $400,000 in some cases.
If a property is located with in 1km of Melbourne’s more popular public or secondary schools, investors can experience growth up to $412,500 more than surrounding suburbs, data from the Real Estate Institute of Victoria suggests.
These school catchment areas are in hot demand as school access is a major consideration for buyers with school-aged children, REIV president Robyn Waters said.
Top of the list was Beaumaris Secondary College, with school-zoned houses with at least two bedrooms going for a median of $1,622,500 over the last 12 months to December 2018, while houses boarding the 1km school zone went for $1,210,000 — a difference of $412,500.
Following this was South Yarra Primary School, which had a median price of $1,700,000, while houses bordering the 1km radius had a median price of $1,365,000, a difference of $335,000; and then Glen Waverly Secondary College, with had a median price of $1,621,000, while houses bordering the 1km radius had a median price of $1,300,000, a difference of $321,000.
Overall, Ms Waters said the data indicated houses close to popular public primary schools saw better growth than high schools.
“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.
“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.
“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.”
Differences in median price of over $100,000 could also be found near schools in Kew, McKinnon, Mount Waverly, Camberwell, Malvern East, Malvern, Hampton, Preston, Fitzroy, Hawthorn East, Altona and East Bentleigh.
The most popular secondary schools that influence house prices, according to the REIV, are:
|
School |
Median in school zone |
Median outside school zone |
Difference |
|
Beaumaris |
$1,622,500 |
$1,210,000 |
$412,500 |
|
Glen Waverley |
$1,621,000 |
$1,300,000 |
$321,000 |
|
Kew High School |
$2,001,000 |
$1,715,000 |
$286,000 |
|
McKinnon |
$1,548,000 |
$1,390,500 |
$157,500 |
|
Mount Waverley |
$1,310,000 |
$1,173,000 |
$137,000 |
|
Camberwell High |
$2,100,000 |
$1,980,000 |
$120,000 |
|
Box Hill High |
$1,285,750 |
$1,200,000 |
$85,750 |
|
Frankston High |
$770,550 |
$690,000 |
$80,550 |
|
University High |
$1,395,000 |
$1,327,500 |
$67,500 |
|
Balwyn High |
$1,900,000 |
$1,980,000 |
-$80,000 |
The most popular primary schools that influence house prices, according to the REIV, are:
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