Homes zoned for some of Melbourne’s top performing public schools are delivering six-figure dividends for property owners, compared to neighbouring homes outside the catchment.
New REIV data shows the median house price in highly sought after public school catchments are up to half a million more expensive than homes that border the zone.
In the year to June 30, the largest price difference was recorded for homes located within the catchment area for South Yarra Primary School. Homes within the zone had a median price of $2 million while homes within a one kilometer radius of the school zone had a median of $1,435,000 – a difference of $565,000.
Homes in the Fitzroy Primary School zone also achieved higher prices than those just outside the catchment area. The median house price for homes within the zone was $1.6 million while those bordering the zone fetched $300,000 less.
A difference of $289,000 was evident in Bentleigh East with homes zoned for Valkstone Primary School significantly more expensive than those within one kilometer of the catchment area.
Rather than paying private school fees, parents of school-aged children are looking to invest that money in the family home, buying into areas zoned for some of the city’s best public primary and secondary schools.
At a secondary school level, homes zoned for McKinnon High School recorded the largest price difference compared to those bordering the catchment area. The median house price for homes within the zone is $1,637,500 compared to a median of $1,390,000 for homes in the same suburb but outside the school zone.
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