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Education hot spots driving house price growth

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.  
 
REIV President Joseph Walton said the data shows growing demand for homes located near some of the city’s best primary schools.
 
“While suburbs zoned for the state’s top secondary schools have seen significant price growth for a number of years, now too are homes within the catchment area of quality public primary schools.
 
“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.”
 
“Education and access to quality amenities, such as high performing public schools, are a key consideration for buyers and these areas will continue to see price growth.
 
“Homes in these suburbs experience a high turnover, indicating significant buyer demand for homes within the catchment of exceptional public 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. 

PRIMARY SCHOOLS

12 months to Jun17 In School Zone Bordering School Zone (1km) Difference
South Yarra Primary School $2,000,000 $1,435,000 $565,000
Fitzroy Primary School $1,600,000 $1,301,000 $299,000
Valkstone Primary School $1,620,000 $1,331,000 $289,000
Lloyd Street Primary School $2,000,000 $1,736,000 $264,000
Hampton Primary School $2,015,000 $1,800,000 $215,000
Altona Primary School $945,000 $825,000 $120,000
Hartwell Primary School $1,995,000 $1,887,000 $108,000
Preston West Primary School $1,000,000 $900,000 $100,000
Auburn South Primary School $2,292,500 $2,200,000 $92,500
Templeton Primary School $955,000 $902,000 $53,000

 
SECONDARY SCHOOLS

12 months to Jun17 In School Zone Bordering School Zone (1km) Difference
McKinnon Secondary College $1,637,500 $1,390,000 $247,500
Camberwell High School $2,220,000 $2,051,000 $169,000
Malvern Central School $2,557,500 $2,401,000 $156,500
Balwyn High School $2,052,500 $1,910,000 $142,500
University High School $1,470,000 $1,357,500 $112,500
Frankston High School $720,000 $620,000 $100,000
Mount Waverley High School $1,335,000 $1,250,000 $85,000
Box Hill High School $1,338,250 $1,265,500 $72,750