Melbourne schools boost house prices19 July 2016 by News Desk
Melbourne schools, like many others, insist pupils live within a strictly defined catchment area nearby.
Melbourne schools good reputations have seen property prices rise well above the average for the city, in some cases by over $500,000.
Property outside the catchment areas of most sought-after Melbourne schools now commands a premium price compared to property outside the school zone.
The type of property most affected by the ‘Melbourne schools effect’ is houses and apartments with two bedrooms or more.
A new report by REIV reveals that the biggest price difference is currently being experienced among homes within the catchment zone of University High in northern Parkville.
Average house prices in this area are $1,395,000 while property within a kilometre radius of the school has an average price of $799,000 – a $596,000 difference.
Melbourne schools and house prices
The catchment area of McKinnon Secondary College has also seen home prices increase. Within the school zone the average price of a home is $1,500,000 while homes in the same area but outside the school zone cost around $400,000 less.
Property within the catchment area of Cheltenham Secondary College show the same increase in prices, with homes close to the college an average of $150,000 more expensive than similar property outside the zone.
“This price difference is not something that is unique to areas close to Melbourne schools or indeed schools across Australia,” says Darrell Todd, founder of thinkingaustralia.
“Every parent wants their child to attend a good school and the more popular the school the more expensive the property within its’ catchment area”.
“Parents are increasingly investing their money in property that lies within the catchment area of their chosen school in order to ensure a good education for their children”.
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