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.
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.
Are you interested in getting started in Property Development?
If you’re looking for independent advice on property investment or development, no one can help you quite like the independent property investment strategists at Metropole.
Remember the multi award winning team of property investment strategists at Metropole have no properties to sell, so their advice is unbiased.
Whether you are a beginner or a seasoned property investor, we would love to help you formulate an investment strategy or do a review of your existing portfolio, and help you take your property investment to the next level.
Please click here to organise a time for a chat. Or call us on 1300 20 30 30.
SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
PREFER TO SUBSCRIBE VIA EMAIL?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.