Buyers, particularly young and expanding families, are placing a premium on properties located within sought-after school zones, recognising the long-term benefits and value associated with access to high-quality public education. As a result, the demand for homes situated in these coveted school catchment areas has surged, driving up property prices and creating a competitive environment for buyers.
Property InsightsThe impact of school zones on property prices
Next ArticleThe impact of school zones on property prices
The influence of school zones on property prices cannot be underestimated. They are playing an increasingly crucial role in shaping the real estate market, not only within inner-city Melbourne but also extending to the desirable Mornington Peninsula area, where families and individuals are seeking residences that provide not only a beautiful living environment but also proximity to renowned schools.
20 June 2023
A well-rated school holds the power to positively impact property value, and recent data highlights the considerable influence of school zones on the rate of property price growth.
The findings of the Domain Group’s 2021 School Zones Report supply compelling evidence of the profound impact that school zones have on Melbourne’s property market. The report reveals an astounding rise in house prices, with certain school zones experiencing a 40% increase in value over the course of just 12 months. This boost in property prices can be attributed to the intense competition amongst buyers striving to secure a place within highly sought-after school catchment areas.
With parents prioritising their children’s education, the presence of reputable schools within proximity to a property has become a significant deciding factor for homebuyers. The assurance of enrolling their children in esteemed primary and secondary schools has become a key driver in the property selection process, amplifying the importance of school zones in the overall value and desirability of a home.
When choosing a location for living or investing, it’s wise to consider the long-term impact of education. Whether you are starting a family, already have school-aged children, or seeking tenants for a stable and prosperous investment, taking school catchment zones into account can provide distinct advantages when selecting sought-after suburbs.
This holds true not only for primary school catchment zones but also for secondary school catchment zones, which have consistently demonstrated strong performance, surpassing market trends, and are expected to continue doing so in the future.
REIV (Real Estate Institute of Victoria) President Leah Calnan said families looking to move into recently opened school catchments should buy sooner rather than later. “If you’ve bought a home in the zone of a school with a good reputation, you can anticipate getting a good return on investment.” (Source: realestate.com.au)
Before committing to investing more in a home within a coveted school zone, it’s advisable to assess the academic performance and overall reputation of the school. While median study scores provide some insights, it’s important to consider a range of factors that contribute to a school’s success, such as teaching quality, curriculum, community engagement, leadership, support systems, and student development.
Naturally, when purchasing a new home, it’s essential to consider various aspects beyond just schooling, including lifestyle amenities, public transport options, floorplan, land size, and your budget.
Talk to your local Marshall White sales specialists for guidance regarding your future property journey on (03) 9822 9999.
