Melbourne zoning sees $400k-plus value differences
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1 minute read

Melbourne zoning sees $400k-plus value differences

Melbourne zoning sees $400k-plus value differences

by Sasha Karen | January 29, 2019 | 1 minute read

New data has been released that shows the massive impact of being located in a school catchment area in Melbourne, with differences recorded of over $400,000. 

Melbourne
January 29, 2019

If a property is located with in one kilometre 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 bordering the one-kilometre 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 one-kilometre radius had a median price of $1,365,000, a difference of $335,000; then Glen Waverly Secondary College, with had a median price of $1,621,000, while houses bordering the one-kilometre radius had a median price of $1,300,000, a difference of $321,000.

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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 KewKew, NSW Kew, VIC, McKinnon, Mount Waverly, Camberwell, Malvern East, MalvernMalvern, VIC Malvern, SA, 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
Secondary College

$1,622,500

$1,210,000

$412,500

Glen Waverley
Secondary College

$1,621,000

$1,300,000

$321,000

Kew High School

$2,001,000

$1,715,000

$286,000

McKinnon
Secondary College

$1,548,000

$1,390,500

$157,500

Mount Waverley
High School

$1,310,000

$1,173,000

$137,000

Camberwell High
School

$2,100,000

$1,980,000

$120,000

Box Hill High
School

$1,285,750

$1,200,000

$85,750

Frankston High
School

$770,550

$690,000

$80,550

University High
School

$1,395,000

$1,327,500

$67,500

Balwyn High
School

$1,900,000

$1,980,000

-$80,000

The most popular primary schools that influence house prices, according to the REIV are:

School

Median in school zone

Median outside school zone

Difference

South Yarra
Primary School

$1,700,000

$1,365,000

$335,000

Lloyd Street
Primary School

$1,980,000

$1,757,500

$222,500

Hampton Primary
School

$2,050,000

$1,855,000

$195,000

Malvern Central
School

$2,400,000

$2,230,000

$170,000

Mount Waverley
Primary School

$1,407,950

$1,266,000

$141,950

Preston West
Primary School

$1,060,000

$920,000

$140,000

Fitzroy Primary
School

$1,435,000

$1,305,000

$130,000

AuburnAuburn, SA Auburn, NSW South
Primary School

$2,230,000

$2,100,000

$130,000

Altona Primary
School

$952,500

$830,000

$122,500

Valkstone Primary
School

$1,468,000

$1,355,000

$113,000

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