Nearby public schools improving the cost of homes in Melbourne

The cost of homes may well be dropping for some of Australia’s biggest cities, but if they’re near a public school, they might just survive the fall that much better than most.

Whether you’re hoping 2019 will leave you with a good sale price on a home or that 2019 will get you a great buy on a home with a good home loan, there appears to be something handy to take note of: housing prices might just improve when homes are within reach of a public school zone.

That’s the news coming out of the Real Estate Institute of Victoria (REIV), which has found that homes in the boundary of some of Melbourne’s popular public primary and secondary schools are fetching higher price tags than homes outside of the zones.

The price difference between the houses near and far from the public schools can hit as high as $412,500 more, with the difference in price actually ranging between $67,500 and $412,500 for secondary schools, while primary schools fetched between $113,000 and $335,000 in the data provided.

“From the REIV’s latest data, it appears that addresses within coveted designated neighbourhood boundaries for public primary schools have become more desirable than high school zones,” said REIV President Robyn Waters.

“Location within a well-regarded public primary school zone is important for increasing numbers of parents who plan to send their children to a public primary school followed by a private secondary college.”

“Median price differentials of more than $100,000 from within and outside school zones have been found around schools in Beaumaris, Glen Waverley, Kew, McKinnon, Mount Waverley, Camberwell, South Yarra, Malvern East, Malvern, Hampton, Preston, Fitzroy, Hawthorn East, Altona and East Bentleigh,” she said.

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