Daily Bulletin

Men's Weekly

.



New REIV data shows that homes located within the catchment area for some of Melbourne’s best public secondary schools are fetching close to a $600,000 premium compared to those outside the zone.

 

In 2016, the median house price of properties with more than two-bedrooms in desirable public school zones is significantly higher than the median price of similar homes that border the zone.

The analysis, undertaken in the 12 months to March 31, shows that the largest price difference was recorded for homes zoned for University High in inner northern Parkville.

 

Homes within the school zone had a median house price of $1,395,000 while homes within a one kilometre radius of the school zone had a median of $799,000 - a difference of $596,000.

 

Homes zoned for McKinnon Secondary College also achieved sale prices significantly higher than those located outside the catchment area. The median house price for homes within the zone was $1,500,000 compared to a median of $1,195,000 for homes in the same suburb but outside the school zone.

 

Vendors of homes within the school zone for Cheltenham Secondary College could also expect higher sale prices than those located outside the zone. A difference of $150,000 was recorded for homes that sold within the school zone.

 

REIV CEO Geoff White said access to high-quality amenities and services – particularly schooling and education - is a key driver of price growth across Melbourne.

 

Rather than paying private school fees, parents of school-aged children are increasingly investing that money in the family home and buying into areas zoned for top performing public schools,” he said.

 

These areas also experience a high number of sales indicating the level of buyer demand within these zones.”


 

 

 

 

 

Bordering Zone Median

In Zone Median

Price Difference

University High School

$799,000

$1,395,000

$596,000

McKinnon Secondary College

$1,195,000

$1,500,000

$305,000

Cheltenham Secondary College

$950,000

$1,100,000

$150,000

Frankston High School

$462,000

$576,000

$114,000

Box Hill High School

$1,099,000

$1,189,800

$90,800

Mount Waverley Secondary College

$1,200,000

$1,267,000

$67,000

Balwyn High School

$1,947,500

$2,012,000

$64,500

 

Business News

Why Small Business is the Latest Casualty of the Cost-of-Living Crisis

The Australian small to medium enterprise (SME) sector is currently navigating a systemic crisis defined by the convergence of high operational costs and severely constrained consumer demand. This env...

Daily Bulletin - avatar Daily Bulletin

Telematics Boosts Australian Business Efficiency

Telematics—the clever fusion of telecommunications and information technology—is rapidly becoming the cornerstone of smarter operations for businesses across Australia. Faced with the unique challen...

Daily Bulletin - avatar Daily Bulletin

Choosing Local Stainless Steel Fabrication and Laser Cutting in Brisbane

Stainless steel is one of the most widely used materials in industries today due to its strength, durability, and resistance to corrosion and rust. For architectural elements, industrial equipment, ...

Daily Bulletin - avatar Daily Bulletin

Speed Dating For Business