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How School Zones shape the property market
Education isn’t just a priority for Melbourne families – it’s often the defining factor in where they choose to live.
For many Melbourne families buying within a top public-school catchment is seen as a strategic investment in avoiding private school fees. Education is not just a lifestyle choice for many Australian families, it’s now become a financial one.
The latest reports from the Real Estate Institute of Victoria (REIV) reveals that school zones are now acting as invisible borders of value, significant difference in home prices between neighbouring streets.
Homes within the Glen Waverley Secondary College zone saw nearly a 30% pricing above other properties out of zone, while buyers near Frankston High School, traditionally seen as a more affordable area, still paid 20% more than comparable homes just 1km outside the zone.
Not only houses – Apartments are standing out too
Apartments and units in the right school zones are also attracting premiums, particularly first-home buyers who want to set themselves up around quality schools.
Undervalued School Zones
Properties within the catchment of Dromana Secondary College are cheaper than those just outside the zone.
This is great for investors that want to get in on the undervalued zones. As a school’s reputation within community increases the buyer demand will shift.
If you’re building a property portfolio, it’s time to thinking of schools as only a lifestyle and looks at them as economic drivers.
Information courtesy: Real Estate Institute of Victoria (REIV)