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Why premium public school zones are worth the investment
How much is an education worth? While education is often seen to be ‘priceless’, keen Melbourne buyers are happy to pay above and beyond to secure a property in a premium school catchment.
Whether you’re purchasing a property as an owner occupier or an investor, it’s important to note the value of properties within premium public school catchments.
What drives growth in premium public school zones?
Domain Group’s 2021 School Zones Report has revealed that some of Melbourne’s premium school catchments have had outstanding price growth, with some recording a median price growth of almost 40% year on year (YoY).
In 2019, when houses were selling for up to $400,000 more in coveted public school zones, then-REIV President Robyn Waters said access to sought-after public schools is one of the key factors that buyers with school-aged children consider when searching for property. Having access to a premium public school, opposed to having to send children to a private school, can save parents thousands of dollars over their children’s schooling years.
“Parents are weighing up the cost savings of sending their children to a good public school rather than spending thousands on fees at a private school,” Ms Waters said.
Most of these schools require proof of residency such as a Council rates notice, utility bills and/or driver’s licence, a statutory declaration of residence, or a minimum leasing arrangement of 12-months from a Licensed Real Estate Agent and many only offer school tours for families who live within the designated zone.
However, it’s not just something owner occupiers need to consider. Investors will often flock to areas with premium public schools, in the hopes of attracting quality tenants. Since some schools require renters to provide proof of a long-term leasing agreement, investors are drawn to the prospect of having tenants who will live in their investment property for a lengthy duration.
Where is the growth?
Domain’s data revealed that the top school catchment zones were spread out across the inner, middle and outer suburbs of Melbourne, highlighting that school catchment growth is not just dependent on location– rather, its longstanding reputation.
The Box Hill High School catchment, which Prospect resides in, recorded a modest price growth of 11% YoY. This spells good news for those wanting to purchase within the evolving suburb of Box Hill, indicating it’s a desirable catchment to be a part of, without the steep price tag.
Why purchasing a property in Box Hill makes sense
The suburb of Box Hill has a range of quality primary and secondary schools, with most conveniently located within a 15-minute walk of Prospect. Raising children within Box Hill means you can educate them the way you want to – whether that’s at a co-educational, single sex, public, private or Catholic school. Most notably, Box Hill High School, Kingswood College and Our Lady of Sion College all sit within the Top 100 Victorian Certificate of Education School Ranking (2020).
By purchasing a luxury apartment at Prospect, you’ll be giving your kids the best start to life with access to nearby leading educational providers.
Primary and high schools in Box Hill:
- Box Hill High School
- Box Hill Senior Secondary College
- Kingswood College
- Koonung Secondary College
- Mont Albert Primary School
- Our Lady of Sion College
- St Francis Xavier’s Primary School
For a limited time only, you could save $25K* on selected Prospect apartments! Register your details here to receive floorplans and pricing as well as details on the limited time incentives.
*YoY data is the annual change in the median house price within a school catchment. It compares the median sale price from August 2020 – July 2021 to the median sale price from August 2019 – July 2020.