Buying property in the catchment area of a top school can be a real coup for families – but many of them are paying a premium. Latest figures from the Real Estate Institute of Victoria (REIV) show there are some real differences between prices inside and outside public secondary school zones.
In fact, a situation has now been reached where the median price of a two-bedroom property is significantly greater in a school zone than those outside. The data speaks for itself.
The most significant difference in prices is seen among Parkville property. The REIV revealed that homes within the zone for University High, located in inner northern Parkville, are listed for sale at an average of $1.39million.
Meanwhile, those within a kilometre radius of the catchment area are valued at $799,000. This is a staggering difference of $596,000 and something you'll need to be aware of if you're buying or investing in the area.
REIV CEO Geoff White said: "Rather than paying private school fees, parents of school-aged children are increasingly investing that money in the family home and buying into areas zoned for top performing public schools.
"These areas also experience a high number of sales indicating the level of buyer demand within these zones."
There's also the fact that Melbourne property prices are generally increasing. The March quarter Residential Property Price Index from the Australian Bureau of Statistics showed a 9.8 per cent rise in values over the past year – the highest out of all the eight capitals.
If you're hoping to move into the catchment area of a top school, the services of a real estate agent in Brunswick will be invaluable. Make sure you get in touch to discuss your options.