School zones and their impact on real estate prices and rents are two of the most crucial things real estate investors and potential buyers should know before entering a particular real estate market, says an expert.
Emma Slape, CEO of Turner Real Estate, said school zones affect market performance under certain market conditions.
"For owners of properties in these areas this offers a real point of difference if the property falls into a hot spot and you immediately notice that interest in the property soars when they hit the market "she said.
In South Australia, for example, the most popular schools are also found in the more expensive suburbs. Some of these schools include Glenunga International High School, Marryatville High School, Adelaide High School, Norwood Morialta High School, and Unley High School. Slape said most home buyers and renters typically consider these schools when looking for a home in South Australia.
"For example, if you have a family with three children about to start school, parents will no doubt assess where they want to live and the cost of a private education. or public, ”she said.
A report from the Real Estate Institute of Victoria further supports this assertion. In fact, Melbourne homes located in coveted school pools can sell for up to $ 600,000 more, according to the report.
This makes school zones a vital consideration, especially for investors. Slape believes school zones influence the demand for a particular suburb.
“At the end of the day, real estate prices, both for sale and for rent, are always determined by supply and demand. So quality apps, coupled with a high weekly rental rate, are always favored, ”she said.
Slape said it was essential for some families to weigh the costs of private or public education when looking for their new home.
"Some will choose to invest more in property and secure a desirable school zone, rather than paying private tuition," she said. "Certainly there are some excellent schools, both public and private, in Adelaide, so if the public school appears to be suitable for the student, this will be a factor in the final offer of schooling. Buyer's purchase. "
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Wentworthville
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trott park
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