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.
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.
