School zones are driving the spring market
When it comes to your child’s education, a lot of the time location is key. Whether your school of choice is notoriously selective or adheres to strict zoning regulations, it’s not who you know but where you live that can decide whether your child is selected for enrolment.
Research has shown that homes zoned within the catchment areas for some of Melbourne’s best public schools fetch more at auction than those outside the school zone. Rather than paying a premium in private school fees, many parents are instead investing in the family home by buying strategically in areas that will guarantee their children entry to the best local public schools.
Houses within the catchment area for Balwyn High School sell for an average just over $2million – that’s $142,500 above prices just 1km out of the school zone.
And it’s no longer just secondary schools that are seeing a push in prices within their catchment areas. Homes located within the school zone for South Yarra Primary School have a median house price of $2million – a whopping $565,000 above the median for homes just outside this catchment area.
Many parents have also been left fuming when their strategic moves are thwarted by rezoning, as recently happened to a number of families in Richmond. To make way for the upcoming Richmond High School, the catchment area for the prestigious Melbourne Girls College was rezoned from 2020 to exclude most residences west of Richmond’s Burnley Street, despite the school being located within their suburb.
Whether you’re preparing to sell out of the top catchment areas or are planning ahead for your child’s future, keep in mind that school zones can make a big difference come auction day.