Real Estate

  • Written by Chanelle Pearson


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

UNIVERSITY HIGH SCHOOL

$1,395,000

135

$1,327,500

190

$67,500

BALWYN HIGH SCHOOL

$1,900,000

290

$1,980,000

247

-$80,000

 

 

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

 

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