8 best Melbourne school zones to buy in

Unlike in any other big city in Australia, many parents have crowded the Melbourne property market in certain school zones.

Brighton Secondary College

Prices in these hotspots have been driven up, especially where the top schools are located.

In fact, research has shown that there are price differences of almost $400k when comparing suburbs inside and just outside popular school zones.

Sure the Melbourne property market had a significant slump in 2018 and early 2019.

However, it has more recently experienced a significant rebound and it’s a good time to consider buying.

Investing in a top-performing school zone can lead to substantial capital growth in the long-term.

Remember to make sure that any properties you’re looking at are actually within the zone and not just in the same suburb.

Brighton East

A large proportion of Brighton East is in the Brighton Secondary College school zone.

A smaller proportion of Brighton is also in this zone.

However, property prices are cheaper in Brighton East.

The median house price in Brighton East is currently around $1.7 million whereas units sit at about $815,000.

Rental yields are better for units (4%) than houses (2.5%) in Brighton East.

  • Median house price: $1,700,000
  • Median unit price: $815,000
  • Average house rent: $780/week
  • Average unit rent: $628/week

Mount Waverley

Mount Waverley Secondary CollegeA difference of $137,000 was found between house prices in and out of the Mount Waverley Secondary College school zone.

Similar to the prices in Brighton East, houses come in at a median of $1.2 million whereas units are currently around $848,000.

The average rent is actually higher for units ($540) than for houses ($523), making their yield higher as well.

  • Median house price: $1,200,000
  • Median unit price: $848,000
  • Average house rent: $523/week
  • Average unit rent: $540/week

Doncaster East

East Doncaster Secondary CollegeDoncaster East is within an area where only about 67% of students finish high school.

Despite this, East Doncaster Secondary College has been performing well in recent years.

The median house price in Doncaster East is $1.1 million and for units is $643,000.

You can expect around $550 per week in rental income for houses and $480 for units.

  • Median house price: $1,100,000
  • Median unit price: $643,000
  • Average house rent: $550/week
  • Average unit rent: $480/week

McKinnon

Mckinnon Secondary CollegeMcKinnon is in the school zone for McKinnon Secondary College, one of the best performing non-selective government schools in the state.

The difference between house prices in and out of the zone has been at least $157,500.

Median house prices are currently $1.4 million whereas median unit prices are $690,000.

  • Median house price: $1,400,000
  • Median unit price: $690,000
  • Average house rent: $650/week
  • Average unit rent: $520/week

Parkville

University High SchoolUniversity High School is located right near the Melbourne CBD, making houses in the area quite expensive.

One of the suburbs in the University High School school zone is Parkville.

For houses, the median price sits at about $1.5 million and the rental yield is 3.1%.

For units, the median price is about $490,000 whereas the rental yield is an impressive 4.6%.

  • Median house price: $1,500,000
  • Median unit price: $490,000
  • Average house rent: $900/week
  • Average unit rent: $430/week

Glen Waverley

Glen WaverleyGlen Waverley is known to be the home of one of the most elite government schools.

Parents have been determined to get into the school zone, clear in the $321,000 difference between properties in and out of the catchment.

The median house price is currently $1.2 million and the median unit price is $788,000.

  • Median house price: $1,200,000
  • Median unit price: $788,000
  • Average house rent: $530/week
  • Average unit rent: $495/week

Box Hill

Box Hill High SchoolBox Hill High School is one of the best schools in Victoria with a median study score of 34 in the 2018 VCE.

There is also a $500,000 upgrade to the school that’s on the way, making it even more highly sought out by parents.

The median house and unit prices are about $1.2 million and $455,000, respectively.

  • Median house price: $1,200,000
  • Median unit price: $455,000
  • Average house rent: $528/week
  • Average unit rent: $400/week

Balwyn North

Balwyn High SchoolLast but definitely not least is Balwyn High School, another government school that has had a median study score of 34 during the 2018 VCE.

There is a focus on both student wellbeing and high exam results.

A large part of Balwyn North is in the school zone for Balwyn North.

Houses and units don’t come cheap with current medians sitting at $1.6 million and $815,000, respectively.

  • Median house price: $1,600,000
  • Median unit price: $815,000
  • Average house rent: $650/week
  • Average unit rent: $495/week

If you’re looking at buying your next home or investment property here’s 4 ways Metropole can help you:

Metropole TeamSure our property markets are improving, but correct property selection is even more important than ever, as only selected sectors of the market are likely to outperform.

Why not get the independent team of property strategists and buyers’ agents at Metropole to help level the playing field for you?

We help our clients grow, protect and pass on their wealth through a range of services including:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now! Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.

Guest author: Ellen Orton is the Head of Business Operations at OpenAgent.com.au, an online agent comparison website helping Australians to sell, buy and own property.

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Apart from our regular team of experts, we frequently publish commentary from guest contributors who are authorities in their field.


'8 best Melbourne school zones to buy in' have 2 comments

    Avatar

    February 20, 2020 Ros

    Frankston High School is also a highly sought after high school zone to be in. It has a relatively small catchment so properties are tightly held.

    Reply

      Michael Yardney

      February 20, 2020 Michael Yardney

      Maybe so – but in my mind Frankston is NOT an “investment grade” location

      Reply


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