How much difference does a “school zone” make to the value of your property?
Quite a lot according to the Domain 2015 School Zones Report which was published last year and suggests that property prices for homes within top Victorian government school enrolment (catchment) zones have rocketed up to 32 per cent over the previous year.
It’s definitely one of the factors we take into account when esvaluating a property at Metropole – we’ve found aspirational parents (and in particular those from Asia) are prepared to pay a premium to ensure their children can attend a top government school.
Our property development team have bought many properties in the McKinnon High School zone which according to Domain ranks sixth in a national snapshot of the top 10 school zones with the highest median property price growth over the last 12 months, and tops the Victorian list of secondary school catchment zones with burgeoning median prices.
The median price of properties in this school zone rose 22.9% according to the Domain Group.
Similarly prices for properties in the adjoining Valkstone Primary School zone in Bentleigh East increased by 32.8% according to Domain who provide the following graphics.
Of course property values rise for lots of reasons and some of the increase in values in some of the primary school zones could easily be attributed to the fact that they are also in secondary school catchment zones.
And it’s the same in other States
The Domain report showed proximity to schools has helped house prices surge in other states as well.
In Sydney prices rose by more than 50 percent recently in Parramatta and Harris Park in Sydney’s west.
The group analysed house and unit sales data from the previous year against national government school catchment zones to determine which school catchment zones experienced the highest rate of property price growth nationally.
By the way…
Many of these locations are highly saught after for medium density developments – something we specialise in at Metropole.
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