Melbourne's secondary school catchment property growth was top-tier: Domain
In Melbourne, three-quarters of primary school zones and 85% of secondary school zones posted positive annual house price growth, according to the Domain 2020 School Zone Report.
The highest ten growth rates for primary and secondary school catchment zones spanned from 17% to 28%, significantly surpassing Melbourne’s annual house price growth.
It also looks like public school catchments zones can influence property decisions, and this begins with primary education choice.
The data reveals 51% of primary school zones outperformed the respective suburb price growth while this was slightly lower for secondary school zones at 48%.
Nationally across the combined capital cities, key Melbourne school zones made the top ten highest growth rates, with one primary and three secondary school catchments.
“The boundary of public school catchment zones can have a huge influence on property decisions and the data suggests certain ones can have a positive effect on house prices,” Domain’s Senior Research Analyst, Dr Nicola Powell said.
“Across Australia’s capital cities the catchments with the biggest increase in house prices were spread across inner, middle and outer suburban locations. School zone price growth performance varied enormously, with neighbouring catchments providing very different outcomes for homeowners. Some school zones in the same postcode, suburb or with overlapping catchment zones varied in the pace or even direction of house price movement.”
“The highest growth rates were across a variety of price-points illustrating the importance of education at all budgets. This highlights the effect falling into a particular school catchment zone can potentially have on property price.”
“School catchment zones have always been a crucial factor when deciding where to purchase a home, the ability to work remotely could place additional emphasis on the importance of school catchments. Those on higher wages are more likely to be able to adopt flexible working arrangements, this could place additional pressure on home values, particularly in desirable regional or outer suburban locations,” Dr Nicola Powell, concluded.
In Melbourne, three-quarters of primary school zones and 85% of secondary school zones posted positive annual house price growth. The highest ten growth rates for primary and secondary school catchment zones spanned from 17% to 28%, significantly surpassing Melbourne’s annual house price growth. It also looks like public school catchments zones can influence property decisions, and this begins with primary education choice. The data reveals 51% of primary school zones outperformed the respective suburb price growth while this was slightly lower for secondary school zones at 48%. Nationally across the combined capital cities, key Melbourne school zones made the top ten highest growth rates, with one primary and three secondary school catchments.