Houses selling for up to $400k more in coveted public school zones

Date: 26 Jan 19

Homes in the designated neighbourhood boundary of some of Melbourne’s popular public primary and secondary schools are securing sale prices of up to $412,500 more than those just outside the zone, according to the latest REIV data.

REIV President Robyn Waters said houses within some school catchment areas are hot property because access to sought-after public schools is one of the major factors that buyers with school-aged children consider when hunting for a new home.

“The median house price for a residence within the designated neighbourhood boundary for the newly opened Beaumaris Secondary College is $1.62 million while the median for a house within a one kilometre radius of the zone has a median of $1.21 million - $412,500 less,” Ms Waters said.
 
“Meanwhile homes bordering the school zone for South Yarra Primary School have a median of $1.37m which is $335,000 less than the $1.7 million median for a house within the school zone.
 
“From the REIV’s latest data, it appears that addresses within coveted designated neighbourhood boundaries for public primary schools have become more desirable than high school zones. Location within a well-regarded public primary school zone is important for increasing numbers of parents who plan to send their children to a public primary school followed by a private secondary college.”

Ms Waters said homes within the catchment areas of popular schools are tightly held.

“Parents are weighing up the cost savings of sending their children to a good public school rather than spending thousands on fees at a private school,” Ms Waters said.

“Most of these schools require proof of residency such as a Council rates notice, utility bills and/or driver’s licence, a statutory declaration of residence, or a minimum leasing arrangement of 12-months from a Licensed Real Estate Agent and many only offer school tours for families who live within the designated zone.

“Median price differentials of more than $100,000 from within and outside school zones have been found around schools in Beaumaris, Glen Waverley, Kew, McKinnon, Mount Waverley, Camberwell, South Yarra, Malvern East, Malvern, Hampton, Preston, Fitzroy, Hawthorn East, Altona and East Bentleigh.”
 


Media contact:
Chanelle Pearson 0402 241 621

 

 

Secondary schools – 2+bedroom houses
12 months to 31 December 2018


 

  In school zone Bordering school zone 1km  
School Dec-18 Median Number of sales Dec-18 Median Number of Sales Difference
BEAUMARIS SECONDARY COLLEGE $1,622,500 222 $1,210,000 143 $412,500
GLEN WAVERLEY SECONDARY COLLEGE $1,621,000 116 $1,300,000 241 $321,000
KEW HIGH SCHOOL $2,001,000 344 $1,715,000 344 $286,000
MCKINNON SECONDARY COLLEGE $1,548,000 121 $1,390,500 320 $157,500
MOUNT WAVERLEY HIGH SCHOOL $1,310,000 361 $1,173,000 286 $137,000
CAMBERWELL HIGH SCHOOL $2,100,000 387 $1,980,000 491 $120,000
BOX HILL HIGH SCHOOL $1,285,750 214 $1,200,000 332 $85,750
FRANKSTON HIGH SCHOOL $770,550 290 $690,000 214 $80,550
BALWYN HIGH SCHOOL $1,980,000 247 $1,900,000 290 $80,000
UNIVERSITY HIGH SCHOOL $1,395,000 135 $1,327,500 190 $67,500


Primary schools – 2+ bedroom houses

12 months to 31 December 2018

 

 

In school zone

Bordering school zone 1km

 

School

Dec-18 Median

Number of sales

Dec-18 Median

Number of Sales

Difference

SOUTH YARRA PRIMARY SCHOOL

$1,700,000

87

$1,365,000

188

$335,000

LLOYD STREET PRIMARY SCHOOL

$1,980,000

113

$1,757,500

196

$222,500

HAMPTON PRIMARY SCHOOL

$2,050,000

77

$1,855,000

231

$195,000

MALVERN CENTRAL SCHOOL

$2,400,000

113

$2,230,000

251

$170,000

MOUNT WAVERLEY PRIMARY SCHOOL

$1,407,950

72

$1,266,000

171

$141,950

PRESTON WEST PRIMARY SCHOOL

$1,060,000

45

$920,000

227

$140,000

FITZROY PRIMARY SCHOOL

$1,435,000

66

$1,305,000

211

$130,000

AUBURN SOUTH PRIMARY SCHOOL

$2,230,000

59

$2,100,000

201

$130,000

ALTONA PRIMARY SCHOOL

$952,500

38

$830,000

75

$122,500

VALKSTONE PRIMARY SCHOOL

$1,468,000

59

$1,355,000

251

$113,000