An Australian-first study has revealed how being near the right school can add big dollars to the price of your house. The snapshot shows the growth rate of property prices in government school catchment zones. So how much extra is your house likely to be worth? Come see.
Dubbed the Australian School Zone Report Card, Domain has crunched the numbers to reveal the huge growth in property prices, in certain government school catchments. And New South Wales is leading the charge. Property owners in Parramatta and Harris Park have revelled in house price rises in excess of 50 per cent. While conceding the strength of the NSW property market plays its part, Domain senior economist Dr Andrew Wilson explains:
“Agents tell us sometimes houses on one side of the street can be sold for 10 per cent higher or more than their counterparts across the road, simply because they fall within the catchment zone of a sought-after government school.”
Nationally, NSW is top of the pops when it comes to primary school catchment zones with the highest rate of property price growth.
And the story is much the same for high school zones.
“Parents may not realise when looking to enrol their children in a government school, that their property is not within the boundaries of their chosen school’s catchment zone,” says Dr Wilson. “When you see one catchment area experiencing higher growth than its neighbours, it can often be as a result of competing parents pushing up the prices as they attempt to secure a place for their child in a top performing school.”
Melbourne school teacher and mum Laura Collins says parents are going to incredible lengths to get children get into their government school of choice. “It’s definitely a highly competitive environment. As more families move to areas around good schools, it becomes even harder to get children in due to the school capacity limits,” she says.
“As a mum myself, although my daughter is only four, because I know how hard it can be we purchased a home in an area close to the high school we’d like her to attend, Mentone Girls.”
If you’re keen to see how your area is faring, here’s a breakdown of which school zones add more bang to your property buck in your capital city.