Homes located in some school catchment areas are much sought-after properties in Melbourne, with prices up to $ 412,500 more than those just outside the area, according to the latest data from Real Estate Institute of Victoria (REIV).
REIV President Robyn Waters said the trend was due to buyers' desire to access public schools. These clients are usually those with children of school age.
REIV found that the median price of a home within the designated neighborhood limits for the newly opened Beaumaris Secondary College was $ 1.12 million, while the median for a home within a radius of one kilometer of the area had a median of $ 1.21 million – $ 412,500 less.
Houses bordering the South Yarra Elementary School District have a median of $ 1.37 million, $ 335,000 less than the median of $ 1.7 million of a house located in the school zone.
"The latest REIV data shows that addresses within the desired boundaries of designated neighborhoods for public primary schools have become more desirable than high school areas. The location in a reputed public primary school area is important for a growing number of parents who plan to send their children to a public elementary school followed by a private high school, " declared Waters.
Homes located in these areas are closely linked because parents plan to save money by sending their children to a good public school instead of spending thousands of dollars in tuition fees. a private school.
"Most of these schools require proof of residency, such as a notice of municipal rates, utility bills and / or a driver's license, a declaration of statutory residence or a minimum lease of 12 years. month with a licensed real estate agent. Only offer school tours to families who live in the designated area, "Waters said.
Median price differentials of more than $ 100,000 from school and outdoor areas were observed around suburban schools such as Beaumaris, Glen Waverley, Kew, McKinnon, Waverley Mountain, Camberwell, South Yarra, Malvern East, Malvern, Hampton, Preston, Fitzroy, East Hawthorn, Altona and East Bentleigh.
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