REIV data recorded for the year to December 31, 2017, shows homes located within some of Melbourne’s best public school zones are fetching up to six figures more than homes just outside the catchment.

Homes zoned to South Yarra Primary School recorded a median house price of $1,930,000 whilst properties bordering the zone had a median of $1,520,000—a price difference of over $400,000.

In Altona and Bentleigh East, properties zoned to Altona Primary School and Valkstone Primary School fetched significantly more than neighbouring homes with price differences sitting at $325,000 and $250,000 respectively.

Camberwell High School and McKinnon Secondary College achieved significantly higher prices than those homes on the border of the catchment, the difference in Camberwell being $289,000 and in McKinnon, zoned schools fetched $235,000 more. 

Access to quality public schools remains a key factor for many buyers.

“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,” says REIV President, Richard Simpson.

“Many of these catchment areas experience a high turnover of stock, indicating ongoing buyer demand for homes in these suburbs. Given this demand, these areas are also well-positioned for significant long-term price growth.

“In order to give their child the best possible start to their education, we’re also seeing buyers willing to pay a premium to be located within the zone of some of Melbourne’s best public primary schools,” Mr Simpson concludes.

Buxton Bentleigh Director, Simon Wood, believes school zones have greatly affected the Bentleigh area and surrounds. 

"The McKinnon Secondary college zone has propelled our area onto the map globally, with people from all over the world who move to Melbourne choosing to move here over any other sought-after school zone," says Simon.

"Prices in the zone can be 15-25% higher than those outside the zone. 

"We also have a number of other popular school zones, such as the Brighton Secondary zone, as well as a number of primary school zones including Coatesville, which offers the international baccalaureate programme and feeds into some of Melbourne's premier private schools." 

In April, The Age reported on two cases of homeowners desperate to move in to certain school zones and the uphill battles they faced, including moving closer to the catchment, and in one case, engaging a land surveyor to measure the exact distance between the family’s home and their desired school.