Many facets work together to add overall value to a suburb, including public transport, amenities and popular attractions. One often overlooked element that can add considerable value to your property: proximity to outstanding public schools.
Why do excellent public schools hold such influence over a suburb’s value? It all comes down to school catchments. Families residing within the boundary of the best schools have near guaranteed enrolment for their children, meaning young families and investors alike are in fierce competition for these lucrative areas.
Melbourne’s top school zones
Data from the Real Estate Institute of Victoria suggests that properties located within one kilometre of Melbourne’s most popular public or secondary schools can expect growth over $400k more than surrounding suburbs.
With this in mind, we’ve pinpointed some of the Melbourne suburbs with the best public schools right at their doorstep.
Melbourne’s southern suburbs
- Beaumaris – Beaumaris Secondary College tops the list of outstanding public schools, which is reflected in the housing prices. Houses within the zone are going for a median of $1,622,500 over the last 12 months to December 2018, while houses bordering the one-kilometre school zone went for $1,210,000, a difference of $412,500
- McKinnon – Properties zoned for McKinnon Secondary College had a median price of $1,637,500, while those in the same suburb outside the zone sold for a median of $1,390,000
- Glen Waverley – Houses within the Secondary College clocked a median price of $1,621,000, while houses bordering the one-kilometre radius had a median price of $1,300,000, a difference of $321,000
- Frankston – Homes in the zone for Frankston High and Derinya Primary School are selling for a median of $720,000 – $100,000 more than those just outside.
Melbourne’s eastern suburbs
- Camberwell – Houses within the Camberwell High zone can expect an extra $169,000 in value
- Balwyn High – Properties within the Balwyn High zone can add an average $142,500 onto those outside the school zone.
Melbourne’s western suburbs
- Altona – A guaranteed spot at Altona Primary could add $120,000 to the value of a school zoned property.
- South Yarra – Homes within the South Yarra Primary School zone had a median house price of $2,000,000 in 2017, compared to those one kilometre outside the zone, which were selling around $500,000 less.
Melbourne’s northern suburbs
- Preston – Tucked cosily in between Northcote and Coburg in Melbourne’s north, properties near Preston West Primary School can expect to sell for more than $140,000 above those outside of the zone.
Public schools and property choices
Regardless of whether you have children or not, buying a home within excellent public school zones is an investment in your property’s long-term value.
Whether you’re a home buyer looking to upsize, a first home buyer, or you’re looking to secure an investment property in Melbourne, it helps to understand how the school zoning can help with the appreciation in your asset class — Industry Insider is here to help, get in touch with us today.
The difference between moving on and moving in, is all in how much you know.