Camberwell tops school zones value benefit: REIV

Camberwell tops school zones value benefit: REIV
Camberwell tops school zones value benefit: REIV

Homes located within the catchment for some of Melbourne’s best public schools are achieving six-figure premiums, compared to neighbouring properties which fall just outside the zone.

The latest REIV data shows the median house price in highly sought after public school catchments is up to $400,000 more expensive than homes within a one kilometer radius of the zone.   

In the year to December 31, homes zoned for some of the city’s best primary schools recorded the largest price difference, with South Yarra Primary School leading the way. Homes within the South Yarra Primary School zone had a median price of $1,930,000 while properties bordering the zone had a median of $1,520,000 – a difference of $410,000.

Vendors of homes within the catchment area for Altona Primary School could also expect higher sale prices than those located just outside the zone. The median house price for those within the zone was $1,225,000 while neighbouring homes bordering the zone fetched $325,000 less.

In Bentleigh East, homes zoned for Valkstone Primary School were almost $250,000 more expensive than those within one kilometer of the school zone.

REIV President Richard Simpson said access to quality public schools remains a key factor for many buyers, which is delivering significant capital gains for homes located in these catchments.

“Parents of school-aged children are investing in the family home by buying into areas zoned for some of the city’s best public schools, rather than paying the equivalent in private school fees.”  

Camberwell High School experienced the largest price difference for secondary schools, with a difference of $289,000 recorded between those in the zone and those bordering the zone.

Homes located within the catchment of McKinnon Secondary College also achieved  significantly higher prices than those just outside the zone. The median house price for homes within the zone was $1,690,000 while those bordering the zone had a median price $235,000 less.

PRIMARY SCHOOLS

12 months to Dec17

In School Zone

Bordering School Zone (1km)

Difference

South Yarra Primary School

$1,930,000

$1,520,000

$410,000

Altona Primary School

$1,225,000

$900,000

$325,000

Valkstone Primary School

$1,630,000

$1,385,000

$245,000

Fitzroy Primary School

$1,635,000

$1,400,000

$235,000

Hampton Primary School

$2,050,000

$1,860,000

$190,000

Llyod Street Primary School

$2,000,000

$1,870,000

$130,000

Preston West Primary School

$1,045,000

$952,000

$93,000

Hartwell Primary School

$2,001,000

$1,950,000

$51,000

Templeton Primary School

$997,500

$965,500

$32,000

Regency Park Primary School

$920,000

$903,000

$17,000

SECONDARY SCHOOLS

12 months to Dec17

In School Zone

Bordering School Zone (1km)

Difference

Camberwell High School

$2,399,000

$2,110,000

$289,000

McKinnon Secondary College

$1,690,000

$1,455,000

$235,000

Frankston High School

$778,400

$650,000

$128,400

Box Hill High School

$1,425,000

$1,335,000

$90,000

Mount Waverley High School

$1,407,000

$1,328,500

$78,500

A three bedroom house in South Yarra Primary School Zone has been sold for $3.5 million earlier this month (pictured below).

Located at 48 Fawkner Street, the Victorian home is only 0.28 kilometres from the South Yarra Primary School.

It comes with three bedrooms, open plan kitchen and dining, and a sizable balcony.

Additional features include a sitting room, study, under stair storage lush courtyards and rear right of way parking access for two cars.

Camberwell tops school zones value benefit: REIV

A Stodart Street five-bedroom house, which is 0.66 kilometres from Camberwell High School, was sold for $5.5 million last year (pictured below).

Built in 1928, the 12 Stodar Street home comes with five bedrooms, a well-appointed Miele kitchen, informal living and dining rooms and private garden with heated pool and spa.

Willison station, parks, trams and schools, including Camberwell Primary School, Camberwell High School and Canterbury Girls Secondary College are within short distance.

Camberwell tops school zones value benefit: REIV

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Melbourne School House

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